Mortgage loan total 'fell sharply' in January (BBC)

Rinoa

Graham_Devon wrote: »

Can't believe people are still blaming the snow.

Sure, it might have stopped people looking, but that will effect THIS months mortgage figures. Not the same months.

These are approval figures.

To be approved you first have to view the property.

You then have to visit a lender to fill in all the forms.

The surveyor then has to visit and value the property.

Each of the above were seriously hampered due to the snow.

Add on those who brought forward their buying decision to late 2009 due to the stamp duty and the fall in January approvals is perfectly understandable.

It will be a month or possibly two before all this works through the system.

Really2

Graham_Devon wrote: »

Can't believe people are still blaming the snow.

Sure, it might have stopped people looking, but that will effect THIS months mortgage figures. Not the same months.

Why? Simple. They go look at the house, like it, offer, sort out the mortgage. That all takes more than a couple of weeks.

Doubt very much many people saw the house they wanted in the 2nd week of january, offered, accepted, sorted out solicitors AND got the mortgage funds all within a couple of weeks.

Aimlessly blaming the weather sounds like a flippant reaction to me.

I think most of the blame was put on the re introduction of stamp duty and more sales rushed through in Dec so lowering Jan.

But you could over look that and just focus on the weather.:)

chucky

Graham_Devon wrote: »

Desperate much?

The snow didn't last the WHOLE of january, you do realise this?

How come it didn't effect them in December or January 2009 though....thats the killer for you Chucky.

you really are very slow aren't you :wall::wall::wall:

me desperate - i don't think so. i have no reason to be
you on the other hand... well we could go on for pages and pages...

less of that - i'll let Rinoa explain it to you

Rinoa wrote: »

These are approval figures.

To be approved you first have to view the property.

You then have to visit a lender to fill in all the forms.

The surveyor then has to visit and value the property.

Each of the above were seriously hampered due to the snow.

Add on those who brought forward their buying decision to late 2009 due to the stamp duty and the fall in January approvals is perfectly understandable.

It will be a month or possibly two before all this works through the system.

do you understand yet graham :wall::wall::wall:

Really2

Graham_Devon wrote: »

How come it didn't effect them in December

Because it did not snow and get really cold until about the 20th.

I should imagine not many sales were put through from the 24th - 31st dec.

Mainly due to most solicitors being on holiday.:)

Rinoa

Graham_Devon wrote: »

Desperate much?

The snow didn't last the WHOLE of january, you do realise this?

How come it didn't effect them in December or January 2009 though....thats the killer for you Chucky.

January 2010 was far worse. Remember that retail sales also plummetted.

All in all it's remarkable that approvals held up so well.

ruggedtoast

chucky wrote: »

i like you Nembot but i think you're thinking that it is bear food for a different reason than it really is

that could be bear food to the frothers (Graham, Sir Humpy etc) on here but to the more intelligent ones (like you, Macaque and Dopester) it's only one months figures.

I resent that.

Moooo! Moooo! MOOOOO!!!

Doom for bulls.

nembot

Really2 wrote: »

Did I really say that I thought I said I did not make non essential travel when ice and snow was on the roads.

I Will check...




PS I live on the boarder so don't give the whole wales thing. I have an office down south and I know when the snow was bad they had a lot more than us.



Yes I did say that I said non of what you are saying.

It was you saying weather was a poor excuse and it would not stop you.

Yup, it is a poor excuse... nuff said.

Same crap we heard when last years retail figures came in, don't see what the problem is.

Not like it's directly affecting the price of your house is it?

Really2

nembot wrote: »

Yup, it is a poor excuse... nuff said.

Same crap we heard when last years retail figures came in, don't see what the problem is.

Not like it's directly affecting the price of your house is it?

Can some one please tell it too stop snowing now please.

HammerSmashedFace

Just wondering what the BBA figures on average between 2000-2007. 35k approvals sounds pretty crapola to me, but maybe it has something to do with people trying to get near 2007 prices with a £200 billion mortgage funding gap.

You can't have both, it's either higher prices and low transactions, or lower prices and higher transactions.

This translates to what I'm seeing on the ground, if you're lucky you'll sell your house quickly with possibly only a single digit percentage drop from peak, however if you're unlucky your house will languish on the market for years.

chucky

HammerSmashedFace wrote: »

Just wondering what the BBA figures on average between 2000-2007. 35k approvals sounds pretty crapola to me, but maybe it has something to do with people trying to get near 2007 prices with a £200 billion mortgage funding gap.

You can't have both, it's either higher prices and low transactions, or lower prices and higher transactions.

This translates to what I'm seeing on the ground, if you're lucky you'll sell your house quickly with possibly only a single digit percentage drop from peak, however if you're unlucky your house will languish on the market for years.

the number of approvals has little to do with it in the current economic climate it seems - because the 2009 approvals supported 2009 house prices. i doubt if 2010 will be any different unless the amount of lending improves where it will change to be a buyers market.

i agree with rest of your post though