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Debate House Prices


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Mortgage lending up 2% in Sept.

Really2
Really2 Posts: 12,397 Forumite
10,000 Posts Combo Breaker
edited 20 October 2009 at 9:50AM in Debate House Prices & the Economy
Just seen it on the BBC ticker.

edit.
http://news.bbc.co.uk/1/hi/business/8315910.stm

Mortgage lending has shown a late summer lift compared with earlier in the year, according to the Council of Mortgage Lenders (CML).
The group said that gross mortgage lending in the third quarter of the year reached £38.9bn, an 18% rise on the previous three months.
«13

Comments

  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    Thought this bit was interesting.

    Demand for mortgages has been driven by people looking to buy a home. However, the rise in lending has not been as high as it could have been, with remortgaging less common because homeowners are getting a good deal on the current standard variable rates.

    Makes you wonder what percentage of the drop is due to the lack of remortgaging:confused:
  • purch
    purch Posts: 9,865 Forumite
    Demand for mortgages has been driven by people looking to buy a home

    I'm amazed by that bit !!!! :eek:

    P.S. I'm easily amazed :o
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    purch wrote: »
    I'm amazed by that bit !!!! :eek:

    P.S. I'm easily amazed :o

    Even I'm amazed.....

    I had fully expected numbers of mortgage approvals and lending for new purchase to start declining now for normal seasonal reasons.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Dont panic. It just a [STRIKE]Spring bounce[/STRIKE], [STRIKE]Summer bounce,[/STRIKE] Autumn bounce
  • abaxas
    abaxas Posts: 4,141 Forumite
    Owww statistical noise. Dont you just love it.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    abaxas wrote: »
    Owww statistical noise. Dont you just love it.

    When it's one month, it's statistical noise.

    When it's three months, it's a bounce.

    When it's almost every month of the year, it's a recovery....:beer:
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    purch wrote: »
    I'm amazed by that bit !!!! :eek:

    P.S. I'm easily amazed :o

    Why because people actually want to buy homes ? :confused:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 20 October 2009 at 11:53AM
    To give the figures some perspective. Here's the annual lending figures. 2009 is the 9 months to end of September.
    Table 1: Gross mortgage lending All Loans Total £m

    Year
    2000 119,794
    2001 160,123
    2002 220,737
    2003 277,342
    2004 291,258
    2005 288,280
    2006 345,355
    2007 362,635
    2008 253,107
    2009 167,120
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    edited 20 October 2009 at 12:08PM
    Thrugelmir wrote: »
    To give the figures some perspective. Here's the annual lending figures. 2009 is the 9 months to end of September.

    not really any perspective there because 2009 mortgage lending is supporting 2009 house prices just like 2007 had a high level mortgage lending supported 2007 house prices that were high.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    To give the figures some perspective. Here's the annual lending figures. 2009 is the 9 months to end of September.

    I agree with chucky you cant get a perspective from that.

    Think of what happened to HPI in 2001 & 2002:eek:.

    No one is forecasting that is the situation now but the figures will be similar.
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