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Mortgage Lending Falls 10%
DaddyBear
Posts: 1,208 Forumite
http://http://news.bbc.co.uk/1/hi/business/8420223.stm
Mortgage Lending down 10% in November compared to October.
Before people bleat about seasonal variation, the YOY figure is down 13%.
Double dip here we come.
Mortgage Lending down 10% in November compared to October.
Before people bleat about seasonal variation, the YOY figure is down 13%.
Double dip here we come.
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Comments
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panic, panic, panic, quick double dip... you forgot to mention that remortgages aren't happening at the moment as their SVR's and trackers are a fraction of what it would be if they remortgaged now... :rolleyes:
in the panic to get the non-news headline out you got the link worng - i've corrected it for you
http://news.bbc.co.uk/1/hi/business/8420223.stm0 -
down 13% year on year is about 7 people.....
Not Again0 -
panic, panic, panic, quick double dip... you forgot to mention that remortgages aren't happening at the moment as their SVR's and trackers are a fraction of what it would be if they remortgaged now... :rolleyes:
in the panic to get the non-news headline out you got the link worng - i've corrected it for you
http://news.bbc.co.uk/1/hi/business/8420223.stm
They were not happening last month, or the month before either.
So down 10% is quite substancial.0 -
good point Graham - well done :TGraham_Devon wrote: »They were not happening last month, or the month before either.
So down 10% is quite substancial.
house price crash back on!!!0 -
:rotfl:
Lets see what the CML themselves have to say about it rather than the daddytroll spin.....Gross mortgage lending totalled an estimated £12 billion in November, a 10% drop from £13.3 billion in October and down 14% from £13.9 billion in November of last year, according to new data from the Council of Mortgage Lenders. A modest seasonal decline between October and November is typical, although the 10% fall is a little larger than normal.
OK, a seasonal decline is normal, but 10% is a "little larger" than normal.
Fair enough. And of course this time last last year remortgaging activity was still happening in significant amounts as we were not yet anywhere near 0.5% base rates. (around 3.5% from memory)The underlying story, though, is one of market conditions holding steady and the CML does not expect this position to change much in the coming months.
What? Market to hold steady? No change expected? But, but, but..... Daddybear said we were heading for a double dip!!!!!!In the CML monthly market commentary published today, CML economist Paul Samter says:"There is little reason to expect much underlying change in the coming months. There could be a modest decline in underlying house buying activity in early 2010 due to the stamp duty holiday ending, with activity "bunching" over the last few months of 2009. But seasonal factors are likely to be the dominant driver over the next few months.
"There has been a modest increase in the availability of mortgage credit recently, including some tentative signs of a few higher LTV products emerging. But there is no sign of a swift recovery in lending volumes, especially with remortgaging set to remain at subdued levels while low interest rates persist."
Oh dear.....
Gross mortgage lending figures unlikely to recover whilst remortgaging remains at low levels. What a surprise.....
But of course, gross mortgage lending figures are irrelevant to house prices.
Lending for new purchase figures are what drive house prices.
So come back and discuss this again when they release those figures and you actually have something worth debating.....:rolleyes:
“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”0 -
Can we just please not have beastliness at Christmas?
Graham is attacking this subject with some pluck and deserves encouragement.0 -
There is no sign of a swift recovery in lending volumes
Paul Samter, Council of Mortgage Lenders 0 -
If it's spin & selective stat's you're after, just take a look at your own signature.HAMISH_MCTAVISH wrote: »:rotfl:
Lets see what the CML themselves have to say about it rather than the daddytroll spin.....0 -
especially with remortgaging set to remain at subdued levels while low interest rates persist.
Completed that for you.;)“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”0
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