BBA mortgage approvals up to 38.2K from 35.2K

Really2

Up just slightly over forecast on forex (37.9K)

Things keep slightly improving.

Dan:_4

This is more good news for everyone.

HAMISH_MCTAVISH

Dan: wrote: »

This is more good news for everyone.

It certainly is, volume keeps building and this is supposed to be the slow summer season for sales.

A total of 38,181 loans were approved for people buying a home, 77% more than in July last year and the highest level since February 2008.

The BBA is only a partial source of course, when the BOE numbers come out it should be around 55,000 again, and actual sales last month were 75,000 according to HMRC.

Dan:_4

Report from the BBC:

http://news.bbc.co.uk/1/hi/business/8219710.stm

chucky

Dan: wrote: »

Report from the BBC:

http://news.bbc.co.uk/1/hi/business/8219710.stm

The data suggests that the rise in activity and house prices could stretch into the autumn.

oh dear... yet another dagger in the heart for the HPC Ghetto bear :rolleyes:;)

skap7309

Still far too low than is needed despite the spring and summer highs now drawing to a close. It'll be a long, cold winter.

chucky

skap7309 wrote: »

Still far too low than is needed despite the spring and summer highs now drawing to a close. It'll be a long, cold winter.

maybe... but it doesn't look that people were struggling to repay debt last month... they must be paying back debt in preparation for interest rate increases...

The group said net lending, which strips out redemptions and repayments, fell to £1.6bn as borrowers sought to reduce their mortgage debt.

http://news.sky.com/skynews/Home/Business/Net-Mortgage-Lending-In-July-Sees-Lowest-Rise-Since-October-2000-British-Bankers-Association/Article/200908415368260?lpos=Business_First_Buisness_Article_Teaser_Region_0&lid=ARTICLE_15368260_Net_Mortgage_Lending_In_July_Sees_Lowest_Rise_Since_October_2000%3A_British_Bankers_Association
i thought that unemployment was going to force mortgage owners sell their house as they couldn't afford their mortgages :rolleyes:

i don't think so

HAMISH_MCTAVISH

skap7309 wrote: »

Still far too low than is needed despite the spring and summer highs now drawing to a close.

And yet prices are rising anyway. Oh well, there goes that theory....

And besides, spring is supposed to be a "bouncy" season, but summer is traditionally a slower season for sales.

It'll be a long, cold winter.

True. And prices should fall back a bit. But it's now looking very unlikely that they'll reach the lows of february 09....

nearlynew

More and more smaller and smaller mortgages.
This is great news and hopefully will get the market moving at much lower prices.

Another 20-30% lower and then stability.

Won't be long.

mbga9pgf

chucky wrote: »

maybe... but it doesn't look that people were struggling to repay debt last month... they must be paying back debt in preparation for interest rate increases...
http://news.sky.com/skynews/Home/Business/Net-Mortgage-Lending-In-July-Sees-Lowest-Rise-Since-October-2000-British-Bankers-Association/Article/200908415368260?lpos=Business_First_Buisness_Article_Teaser_Region_0&lid=ARTICLE_15368260_Net_Mortgage_Lending_In_July_Sees_Lowest_Rise_Since_October_2000%3A_British_Bankers_Association
i thought that unemployment was going to force mortgage owners sell their house as they couldn't afford their mortgages :rolleyes:

i don't think so

Wait and see when their 2 years worth of government paid mortgage interest payments lapse. Then we will see the true picture.

chucky

mbga9pgf wrote: »

Wait and see when their 2 years worth of government paid mortgage interest payments lapse. Then we will see the true picture.

no, this isn't mortgage interest - it's mortgage capital repayments...
they've been reducing the size of their mortgages