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BBA: Mortgage Approvals up 5% in March
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Versus up 1% in feb.
“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”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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only 5% up - it must mean that a HPC is around the corner :eek:HAMISH_MCTAVISH wrote: »Versus up 1% in feb.
at least it's made people wait to buy before the election, not0 -
only 5% up - it must mean that a HPC is around the corner :eek:
:rotfl:
And still up around 100% from what it was at trough......at least it's made people wait to buy before the election, not
Actually, I think the fact it's only risen by 5% means most people are waiting to buy until after the election.
Were it not for the uncertainty of the election, I'd expect much stronger figures in the housing market.“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 -
HAMISH_MCTAVISH wrote: »:rotfl:
And still up around 100% from what it was at trough......
Actually, I think the fact it's only risen by 5% means most people are waiting to buy until after the election.
Were it not for the uncertainty of the election, I'd expect much stronger figures in the housing market.
and significantly down on its peak ... early 2007Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
and significantly down on its peak ... early 2007
Which is exactly what you'd expect at the start of a new house price cycle.
We won't see, and don't need to see, transaction volumes at 2007 levels for another 10 to 15 years......“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 -
To keep it in context, approvals were 34.9k against expected 43.2k. Lending ia still very constrained.0
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Last months figure were revised down, so that they can say lending is rising when actually it is falling HPC RULES OK
:cool:
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mystic_trev wrote: »Lending ia still very constrained.
To be expected, given the horrendous mortgage rationing still going on.
And many of those who can get mortgages will be waiting until after the election.“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 -
your statment is comparing with last march, an exceptionally poor period, however, look at the trends, where is it all going at the moment.
Gross mortgage lending is lower than the previous 6 month average (the 6 month period being typically SLOW, and its SLOWING, not snowing)
Net mortgage lending is lower than the previous 6 month average (the 6 month period being typically SLOW, where there was snow, it was slow, and its SLOWING)
Number of approvals are Lower than the previous 6 month average, however average £ value of approval is HIGHER.
Comparing to March last year ( one of the worst months ever and try to spin it as positive is hilarious by cherry picking the stats.
The average price is increasing as a result of the mix of houses which are selling, people saving for longer and jumping a rung on the ladder. Exactly what a lot of my friends are doing.
They are not scrimping to buy the small boxy flat that no one would want to live in...
they are pushing the boat out saving a huge deposit and buying the gorgeous 3 bed or 4 bed detached and doing away with a typical FTB property.
People in the Market to buy 120k houses are not FTB's most typical FTBs cannot afford to save a deposit at all (say earning 20k, but shelling it all out on cars and rent). So this is being propped up by BTL's who have to somehow raise 60% LTV or 75% at worst, they only buy the bargains, even auctions, which don't show in the figures.
I have a question for you... in a typical environment, how long do you think it would take someone earning 20k per year who works and has to pay for accomodation to save say 25k plus fee's to buy these 100k houses?
Id say best part of 5-7 years... IMO... thats how long we have problems for!!!Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
HAMISH_MCTAVISH wrote: »To be expected, given the horrendous mortgage rationing still going on.
And many of those who can get mortgages will be waiting until after the election.
Lending is constrained as the quality borrowers are not out there...
If you earn 50k, have lots of equity say 50% and need a remortgage of 100k, there isnt a bank out there that would say no.
if you earn 20k, self employed and want a house that costs 200k for a family of 4 it isnt going to happen like it did in the past. The figures just dont work.
They can say banks need to lend more to the public, but unless the quality buyers come out of the wood work it isnt going to happen.
Last year I got approved for a mortgage, no problems at all. If your in the range, you will get the credit.
People need to realise, you dont just wake up one day and decide its time to buy, you have to save, show you can do it, be responsible, prove good employment or earnings and stability and dependants and outgoings.
its changed back to OLD methods, Low risk is good, high risk just hasn't been worth it. Banks have burnt so very badly, i can't imagine them ever forgetting it to ever go back down that road again.Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0
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