BoE: Approvals up 5% to 60,518

HAMISH_MCTAVISH

Generali wrote: »

I don't see that figurre anywhere in the report, only the number of mortgages which isn't a very good proxy IMO.

Page 1, Table B, Column 3, Line 4.

Value of lending for new puchase in November at 8.3 Billion pounds, spread across 60,518 mortgages for new purchase.

Both numbers of loans, total lending, and loan amounts, are in an upwards trend. Up dramatically since the beginning of the year.

(Graphs from the previously linked thread on hpc)

Rinoa

Generali wrote: »

I don't see that figurre anywhere in the report, only the number of mortgages which isn't a very good proxy IMO.

Well the number of approvals has doubled over 12 months.

So lending for house purchase must be up 100%, as opposed to lending overall which is showing only a 0.7% increase YoY.

Edited to say Hamish got there before me.;)

Thrugelmir

The data come hot on the heels of a surprisingly positive manufacturing survey

Suggest you read up on the contraction of British Manufacturing Industry in the last decade.

Useless fact of of the day. The Chinese have already produced in the first 4 days of 2010, the entire tonnage of steel produced by Corus in the UK in 2009 ( 10 million tonnes).

And of course we all know what's happening to Corus in the next few months.

British Manufacturing will be reliant on specialised niche low volume products. The Chinese will dominate high volume markets. So don't expect employment levels to bounce back any time soon.

Emy1501

Cleaver wrote: »

Graham, does this world really exist or is it just in your head? Or is it based on people you know? I sometimes wonder where this vision of a manic, out of control nation comes from on here. Yes, credit is higher than a few decades ago and financial savy is not what it was. But the majority of people out there are still fairly sensible.

Do you get a disproportional view of life from somewhere? On here? The TV? The people you know?

My experience tends to be that 95% of people I know, from all walks and area of life, tend to look after their finances pretty well and cope in life, plodding along, buynig stuff, saving some money, paying their mortgage or rent. They're just doing fine in other words. Maybe 5% or less struggle. Isn't that really the case everywhere? Or do I know different people to everyone else?

I live in the SE and am in my mid 30's. Most people at my work are around my age or younger. Mosts earn about 30-35K. Pretty much all live in an overdraft. Most do not even have £10 to their name a few days before payday. Most of my friend live in Credit, most have credit card debts of 5-10K. Most live for today rather than tomorrow. Most have no interest in things like pensions etc.

The above is my experience of people under 35 at most of the places I have worked. People find it very strange that I get concerned when I go into my overdraft.

Generali

Rinoa wrote: »

Well the number of approvals has doubled over 12 months.

So lending for house purchase must be up 100%, as opposed to lending overall which is showing only a 0.7% increase YoY.

Not so.

If the number of loans doubles and the average value of each loan halves, lending is unchanged.

HAMISH_MCTAVISH

Generali wrote: »

Not so.

If the number of loans doubles and the average value of each loan halves, lending is unchanged.

But as we have seen, that didn't happen.

Lending for new mortgages up, number of approvals up, amount per loan sawtoothing around a little but up significantly over the last few months.

JonnyBravo

Cleaver wrote: »

My experience tends to be that 95% of people I know, from all walks and area of life, tend to look after their finances pretty well and cope in life, plodding along, buynig stuff, saving some money, paying their mortgage or rent. They're just doing fine in other words. Maybe 5% or less struggle. Isn't that really the case everywhere? Or do I know different people to everyone else?

Ditto.

Although I'd perhaps go 10%???

(Does that mean your friends are twice as rich, or I know 2 beggars to your one?)

Jonbvn

Cleaver wrote: »

Graham, does this world really exist or is it just in your head? Or is it based on people you know? I sometimes wonder where this vision of a manic, out of control nation comes from on here. Yes, credit is higher than a few decades ago and financial savy is not what it was. But the majority of people out there are still fairly sensible.

Do you get a disproportional view of life from somewhere? On here? The TV? The people you know?

My experience tends to be that 95% of people I know, from all walks and area of life, tend to look after their finances pretty well and cope in life, plodding along, buynig stuff, saving some money, paying their mortgage or rent. They're just doing fine in other words. Maybe 5% or less struggle. Isn't that really the case everywhere? Or do I know different people to everyone else?

Quite agree with the above. I have yet to meet any of these money "spunkers".

System

Emy1501 wrote: »

I live in the SE and am in my mid 30's. Most people at my work are around my age or younger. Mosts earn about 30-35K. Pretty much all live in an overdraft. Most do not even have £10 to their name a few days before payday. Most of my friend live in Credit, most have credit card debts of 5-10K. Most live for today rather than tomorrow. Most have no interest in things like pensions etc.

The above is my experience of people under 35 at most of the places I have worked. People find it very strange that I get concerned when I go into my overdraft.

No offence but you must work with morons, the first 3 sentences apply to myself, but only the first 3. I can't think of anyone I work with that lives on credit, I suspect some of my self-employed friends don't have pensions though.

StevieJ

Emy1501 wrote: »

I live in the SE and am in my mid 30's. Most people at my work are around my age or younger. Mosts earn about 30-35K. Pretty much all live in an overdraft. Most do not even have £10 to their name a few days before payday. Most of my friend live in Credit, most have credit card debts of 5-10K. Most live for today rather than tomorrow. Most have no interest in things like pensions etc.

The above is my experience of people under 35 at most of the places I have worked. People find it very strange that I get concerned when I go into my overdraft.

Must be just our sensible northerners then, eh Cleaver Does help that the North are shown a good example by the Yorkies and Jocks you know the saying short in tha arm ect.