Mortgage approvals leap by 19 per cent (merged)

Jonbvn

Article from the Torygraph.
http://www.telegraph.co.uk/property/propertynews/5075528/Mortgage-approvals-leap-by-19-per-cent.html

BTW, the article is serious spin, since approvals are up 19% month on month, but 44% down as compared to Feb 2008.

mr.broderick

Interesting..

http://news.sky.com/skynews/Home/Business/Rise-In-Number-Of-Mortgages-Approved-By-19-Says-Bank-Of-England/Article/200903415251676?lpos=Business_First_Home_Article_Teaser_Region_3&lid=ARTICLE_15251676_Rise_In_Number_Of_Mortgages_Approved_By_19%25_Says_Bank_Of_England

Graham_Devon

2 extra mortgage approvals last month, hence the 19% increase

whathavewedone

Oh here we go.

Every month we have "mortgage approvals down by whatever %" no one questions it, saying YES but they're still much higher than they were in 1965! What a load of SPIN

It says they are 44% lower than Feb 08 yes but also at the same levels as May 08.

It is a positive sign. Might be a bull trap blah di blah but it might not be.

Also lets not forget that this article is in the Telegraph, a paper which doesn't exactly have a vested interest in making the government look good and one which has recently given column space to some of the gloomiest economic predictions about house prices. Why would they want to spin things to make the government look good?

whathavewedone

Makes me laugh the overwhelming silence any positive news posts receive!

ad9898_3

Jonbvn wrote: »

Article from the Torygraph.
http://www.telegraph.co.uk/property/propertynews/5075528/Mortgage-approvals-leap-by-19-per-cent.html

BTW, the article is serious spin, since approvals are up 19% month on month, but 44% down as compared to Feb 2008.

And we must not forget that Feb 2008 was rubbish. 129,000 in Nov 2006 that was the peak, so some perspective is required, as we all know and some have experienced, on our way to the bottom of the market there will be ups and downs.

Cannon_Fodder

give us a chance...

this is good news, as slightly higher turnover/activity will reinforce the price drops being felt in many places.

it will also take those out of the market who are impatient, leaving the further prices drops still to come to be enjoyed by the sensible remainder.

spun enough?

SingleSue

whathavewedone wrote: »

Makes me laugh the overwhelming silence any positive news posts receive!

I'm too busy digesting the news we could be on the move to the Arms and feeling a tad unsettled about it.....

Cannon_Fodder

the number of approvals at such low levels need to be taken with a pinch of salt.

are they going to be those keenly offering asking price, or some canny people spotting a bargain/negotiating hard?

I think an increase in activity will help cement the price reductions so far, as each street/area gets more examples of cheap completions, for those in denial to be shown by their EAs when still not selling after 6-12 months, and needing to re-price...

JWF

"Anecdotal reports from estate agents had suggested interest from buyers soared in recent weeks."

Fancy one of them saying something like that!

whathavewedone

Of course it couldn't possibly be a sign that the banks are becoming a bit more willing to lend...

As if in the space of one month approvals would go up to almost pre recession levels? If levels keep on rising the bottom of the market will not be far off.