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Mortgage approvals fall again
StevieJ
Posts: 20,174 Forumite
More of those stats that appear to contradict and lead to more arguments on here 
'Only slightly up', is there an agenda here?
Does that mean they are lending more in July than in June? because it reads like they are lending less than during the dark hours of the recession.Net lending by the major banks fell to £2bn in July, its second lowest level since February 2001
http://uk.finance.yahoo.com/news/mortgage-approvals-fall-again-tele-1e67e350b8ff.html?x=0David Dooks, director of statistics at the BBA, said: "The greater availability of properties for sale and slowing house price growth have not yet fed through to increased house purchase approvals."
His comments were supported by figures released by HM Revenue & Customs, which showed that 90,000 properties worth more than £40,000 changed hands in July, only slightly up on the 86,000 sales completed in June.
While the figure is nearly double the 50,000 transactions reported in January, it remains well down on levels seen before the credit crunch struck.
But the BBA's figures contrast with ones reported by the Council of Mortgage Lenders for July, which showed total mortgage advances rising for the third consecutive month to £13.6bn the highest level for a year.
'Only slightly up', is there an agenda here?
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
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Comments
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i think net lending may include repayments which are probably skewing the figures.More of those stats that appear to contradict and lead to more arguments on here
Does that mean they are lending more in July than in June? because it reads like they are lending less than during the dark hours of the recession.
http://uk.finance.yahoo.com/news/mortgage-approvals-fall-again-tele-1e67e350b8ff.html?x=00 -
Possibly BBA members losing business, CML members gaining business.
90,000 transactions is impressive given the mortgage approvals. But must hint investors must be back in the market.0 -
i think net lending may include repayments which are probably skewing the figures.
It says that it ignores redemptions/repayments.The net lending figure strips out redemptions and repayments.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
which supports the argument that rental demand is there and yields are good...Possibly BBA members losing business, CML members gaining business.
90,000 transactions is impressive given the mortgage approvals. But must hint investors must be back in the market.
very interesting...0 -
you're rightIt says that it ignores redemptions/repayments.
it doesn't make sense and you're right it's contradictory.
taking 48,000 approvals and looking at the lending amounts the average mortgage amounts are pretty much static - the average mortgage amount is £140k which indicates that prices aren't dropping or even increasing.0 -
you're right
it doesn't make sense and you're right it's contradictory.
taking 48,000 approvals and looking at the lending amounts the average mortgage amounts are pretty much static - the average mortgage amount is £140k which indicates that prices aren't dropping or even increasing.
According to the BBA the average value of a mortgage is £148,500 down from £150,600 in June.
The number of mortgages approved was 33,698 down from 34,565 in June and falling for the second month in a row.
http://www.bba.org.uk/download/4988Debt Is Slavery.0 -
'Only slightly up', is there an agenda here?
Net lending is up by £2,000,000,000 which is an increase in total mortgage lending of 0.26%*. I think it's reasonable to call that slightly up. Personally I'd have left out the word 'only' if I was writing it.
There may be an agenda but I don't think it is revealed in this report.
*Total mortgage lending in the UK is £777,100,000,000. 2/775.1 = 0.26%0 -
Net lending is up by £2,000,000,000 which is an increase in total mortgage lending of 0.26%*. I think it's reasonable to call that slightly up. Personally I'd have left out the word 'only' if I was writing it.There may be an agenda but I don't think it is revealed in this report.
*Total mortgage lending in the UK is £777,100,000,000. 2/775.1 = 0.26%
The agenda I was referring to was from the Telegraph, I have noticed a flood of similar HPC worded articles from them of late.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Interestingly, I see that mortgage rates are falling even further.
HSBC offered a 5 years fix from 4.99%, then lowered to 4.95%, then 4.7%, then 4.29%.
Now I see they are at 3.95%
Looks like they are trying to entice more customers
https://mortgages.hsbc.co.uk/product/186-5-year-fixed-special:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Further to ISTL's post.
If you look at the best rates at the moment you can see why perhaps BBA are falling and CML are increasing.
http://www.moneysupermarket.com/mortgages/
Not many banks with the best rates TBH.0
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