The latest figures from the Bank of England showing the number of mortgage approvals at a nine month low have caused a bit of a stir and increased talk of a double dip in the housing market. Here’s a few reasons why.
First-time buyers are increasingly becoming trapped in their first-time homes and unable to move on to homes that better suit their needs. That at least is the implication of some figures that caught my eye recently when I was looking though some data produced by the Council of Mortgage Lenders. Consider this: the median income of a household taking out a mortgage to move is £47,328, or it was in August this year. In 2000 that figure would have been…