Robertwood Avenue

Year on year mortgage approvals has had a major hit for 2008, down around 67.1%, with just 27,000 approvals for November.
This has only helped the cause of the declining value of property market, which has slumped around 16%, compared to 2007 figures and around 20% from the peak of the market.
Similar activity is happening within the remortgaging sector, with November approvals at around 42,000, a full 30,000 drop from the October figure of 72,000 approvals.
The slow and steady decline within the UK housing market suggests that the trend, pointed out by many respected analysts such as Sir James Crosby, will continue well into the 2009 period, biting an even bigger chunk out of homeowner’s equity.
Investors are being hit as hard as domestic customers, as the banking sector are closing off, or increasing rates on their variable based mortgages, which have proved a bargain for mortgage holders who managed to get them locked in over the last 12-24 months, with some sitting as low as 0.5% below Bank of England base rate.