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Interest rates up, mortagage approvals down

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The big news today is, of course, that mortgage lending has dropped so far through the floor that it’ll soon be burrowing its way to the centre of the earth. No surprises there, houses are still far too expensive for most people and even if you were brave enough to clamber onto the property ladder at the moment, the chances of you being able to find a decent mortgage deal are becoming slimmer by the day.

But that’s not all – the average two year fixed rate mortgage now stands at over 7%, the highest level in over ten years. It just keeps getting uglier and uglier out there. Six months ago the idea of a massive crash in property values seemed absolutely unthinkable, and now it’s difficult to see how this can end any other way.

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