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Debate House Prices
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BBA: Mortgage Approvals up 5% in March
Comments
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HAMISH_MCTAVISH wrote: »Probably the dumbest statement on here this year.
:rotfl:
I'd be quite comfortable with double digit rates..... I had them the first time round and budgeted for them when I bought again.
But I'd also be prepared to bet we won't see 5% base rates in the next 10 years.
A number of analysts, and even the BoE itself, have pointed out that 2.5% to 3% is the new neutrality point for base rates, versus 5% in the previous decade.
I doubt we'll see rates cross 2.5% in the next 5 years, as I don't think growth will be sufficiently high to warrant any significant levels of counter-inflationary demand destruction. Which is the only way they'll be raising rates....
Of course some economists don't think base rates will rise above 1% in the next 5 years......
A concept that has housing bears trembing with fear, but is entirely possible.;)
Hamish, are you sure your not a politician... Now your getting personal!!
The average in the past wasn't above a multiple of 3.5 YET we still had a sub prime PROBLEM.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 -
lol - sometimes you come up with the most interesting points and then you come up with this...Indexes can increase all they like, and will continue to. Look at the BBAs gross lending figure this morning and divide it by approvals to see what the market is doing at the moment. If you are in a !!!!!! 2 bed townhouse or a flat, noone is buying at the moment and prices are stillfalling. The only homes shifting are Prime and the London market.
when a property is valued for a remortgage, the surveyor will go with what has been sold or if nothing is comparable what is selling in that area - in conjunction to this he will use the Land Registry detail.
as you well know all of these have been increasing so this is in favour of anyone trying to remortgage as the their LTV has steadily been reducing.
the number on people being locked into higher rate mortgages or people not being able to remortgage is reducing each and every month.
the pipe dream of interest rates rising and affecting people is another one that will be discredited in time...0 -
as you well know all of these have been increasing so this is in favour of anyone trying to remortgage as the their LTV has steadily been reducing.
Of course this also means that those who have secured mortgages will find over time with rising prices that their equity is increasing and therefore the percentage LTV is lowering all the time on top of any capital repayment.
This means that it becomes easier as time goes by to secure the better rates and therefore pay less in interest.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Feb 2009 30,149
Mar 2009 29,212
Apr 2009 31,103
May 2009 34,320
Jun 2009 37,671
Jul 2009 40,627
Aug 2009 40,483
Sep 2009 41,671
Oct 2009 41,842
Nov 2009 44,326
Dec 2009 45,823
Jan 2010 35,389
Feb 2010 33,360
Mar 2010 34,9050 -
lol - do you even know what thise numbers meanFeb 2009 30,149
Mar 2009 29,212
Apr 2009 31,103
May 2009 34,320
Jun 2009 37,671
Jul 2009 40,627
Aug 2009 40,483
Sep 2009 41,671
Oct 2009 41,842
Nov 2009 44,326
Dec 2009 45,823
Jan 2010 35,389
Feb 2010 33,360
Mar 2010 34,905
go and have a read up on the neutral point of mortgage approvals for a bit of an education0 -
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for FTB's it's terrible reading but for people worried about the value of their property it doesn't really matter... unless it's very lowYou asked me what they figures were so i told you and yet you are going off on another topic. Lets stick to those figures....not very good reading are they
seriously - have a look at what the neutral point of mortgage approvals means. it will explain how they're related to house prices...0 -
Feb 2009 30,149
Mar 2009 29,212
Apr 2009 31,103
May 2009 34,320
Jun 2009 37,671
Jul 2009 40,627
Aug 2009 40,483
Sep 2009 41,671
Oct 2009 41,842
Nov 2009 44,326
Dec 2009 45,823
Jan 2010 35,389
Feb 2010 33,360
Mar 2010 34,905You asked me what they figures were so i told you and yet you are going off on another topic. Lets stick to those figures....not very good reading are they
looking at the figures: -
Feb 10 is higher than Feb 09 by 10.65%
Mar 10 is higher than Mar 09 by 19.49%
Given that we saw prices increase in 2009, does this signify a likelyhood of increasing prices via increased demand.
the caveat is that we also know that supply is increasing, but is it increasing sufficiently to adversly affect house prices?:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
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