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BoE: Approvals up 5% to 60,518
Comments
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I thought house purchases stood at around 90,000 per month even though approvals are at 60,000.
33% of all current purchases seem not to be funded by a mortgage.
what were the average monthly sales in 07? 90,000 does not look far off the norm to me.
http://newsvote.bbc.co.uk/1/hi/business/8426421.stmCompleted sales fell from 90,000 in October to 87,000 last month, only the second monthly fall this year.0 -
I thought house purchases stood at around 90,000 per month even though approvals are at 60,000.
How sustainable do you think this is?
We all know credit flooding into the market funded the rise in HPI, are you arguing really that reduced mortgage lending is going to have a positive effect on HPI?
How do you think people are funding house purchase from downsizers?
1) Increased mortgage lending coming from nowhere?
2) Future lower negotiated prices?0 -
We all know credit flooding into the market funded the rise in HPI, are you arguing really that reduced mortgage lending is going to have a positive effect on HPI?
As far as i know mortgage lending is going to increase this year.
Are you saying backs are going to be less likely to lend than last year?0 -
Ultimately, demand is going to get a kick in the nads. The supply will be there, people will be too busy paying tax and coping on minimum hours to be interested in servicing a mahoosive mortgage Steve.As far as i know mortgage lending is going to increase this year.
Are you saying backs are going to be less likely to lend than last year?
It may increase, but from a historic fall off a cliff, on the back of QE which should be turned off soon. Despite what the government are saying, the requirements for gilt purchase WILL have a knock on in the rest of the economy, purely down to the scale of the requirement. Investors will go where there is best return, so, either Mortgage rates will have to rise to compete with rising gilt yeild, or they will go abroad. QE will not be paying the state's bills for much longer.0 -
Ultimately, demand is going to get a kick in the nads. The supply will be there, people will be too busy paying tax and coping on minimum hours to be interested in servicing a mahoosive mortgage Steve.
It may increase, but from a historic fall off a cliff, on the back of QE which should be turned off soon. Despite what the government are saying, the requirements for gilt purchase WILL have a knock on in the rest of the economy, purely down to the scale of the requirement. Investors will go where there is best return, so, either Mortgage rates will have to rise to compete with rising gilt yeild, or they will go abroad.
My names not steve.
It is a wait and see in my eyes, I had down a 10% fall for last year. I am not going to profess where the market is going to go this year but I would say things could be stagnant, future falls could be in real terms.0 -
Sorry. Got you both confused there. (Just checking for a sockie really!)0
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It looked to me as though you were being deliberately obtuse.
Sorry if you took offence.
Generali is one of the good guys here, Rinoa.
More concerned with debating facts than bull or bear positioning.“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 -
As far as i know mortgage lending is going to increase this year.
Are you saying backs are going to be less likely to lend than last year?
The building societies have suffered 9 months of net cash out flow. So are hardly in a position to fund lending growth.
The Government with its funding to NR , £9 billion war chest in 2010 for net new lending, is certainly adding an artifical prop to the mortgage markets. Though NR hasn't achieved the £5 billion target set for 2009. So one wonders if the underlying demand is actually there.
LloydsHBOS has been targeted to reduce its market share by the EU. Currently has around £350 billion exposure through all its operations. So again will reduce its exposure by lending less than it is receiving in capital redemptions.0
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