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CML figures, Gross lending up 17% in June from May

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  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    My dummy was spat at about 10am when I started trying to find distance in miles from latitude and longitude coordinates.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    Well I hope you managed to keep one hand on your woggle at any rate.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chucky wrote: »
    the context has to be got right... these figures are only telling us that lending is flat looking at the gross amounts being lent each month. it reflects the current period of 'stability' that we're having - not a recovery and not a crash, just flattening it out it seems...

    Since 2007 around 50% of the mortgage lending market has gone, either bust (Northern Rock) or withdrawn from the market (GMAC). So in terms of lending its almost normal, with limited funds available (and I'm not talking about an odd billion or two). As Mr Chucky says we are seeing a flattening out.

    So the only way to kick start the market is for prices to fall further. Then the available funds can be shared over more mortgages. Any increase in house prices and therefore mortgage demand will act as a choke on the market. Its just a market correction. Like the cost of fuel going up , people will drive slower to maximise the mileage from each litre
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    Thrugelmir wrote: »
    Since 2007 around 50% of the mortgage lending market has gone, either bust (Northern Rock) or withdrawn from the market (GMAC). So in terms of lending its almost normal, with limited funds available (and I'm not talking about an odd billion or two). As Mr Chucky says we are seeing a flattening out.

    So the only way to kick start the market is for prices to fall further. Then the available funds can be shared over more mortgages. Any increase in house prices and therefore mortgage demand will act as a choke on the market. Its just a market correction. Like the cost of fuel going up , people will drive slower to maximise the mileage from each litre

    You may have a point, however you could also see that prices have already fallen and we have seen an increase in sales.
    It's also possible that the kick start has already started.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
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