Mortgage approvals rose July

Generali

From the horse's mouth:

http://www.bba.org.uk/media/article/july-figures-for-main-high-street-banks

The annual growth in the banks' net mortgage lending is 4.1%, substantially ahead of the 0.9% for the whole mortgage market in June.

BBA statistics director, David Dooks said:
"Gross mortgage lending remains stable, although demand for mortgages continues to be subdued. The greater availability of properties for sale and slowing house price growth have not yet fed through to increased house purchase approvals.


"Consumer credit outstanding continues to reflect high repayments together with pressure on household finances and job uncertainty while companies are tending to retrench and reduce their bank borrowing."

Nominal lending is up, real lending is down.

The graph they print tells a story. Lending of all sorts is dropping. While people were saving more too, that is now flattening out. That suggests to me people can't or don't want to borrow but are happy that they have saved up enough of a buffer for the future on average.

HAMISH_MCTAVISH wrote: »

They're not conflicting.

BBA is only the 6 major banks. It's only a partial figure.

http://www.bba.org.uk/about-us/member-list

Who do we represent?
We represent over 200 banks. These member banks collectively provide the full range of banking and financial services and make up the world’s largest international banking centre, operating some 150 million accounts and contributing £50 billion annually to the UK economy. Our membership list can be found here: Member List

HAMISH_MCTAVISH

nearlynew wrote: »

Excellent news.

Cheaper houses have enabled more people to buy, hence the increase in approvals.

Wrong again.

House prices rose in July both on the Halifax and Land Registry indices.

Graham_Devon

StevieJ wrote: »

Ah! but they were predicted to have fallen

I stand completely corrected.

HPI = Up on this report.

Pimperne1

Doctor_Gloom wrote: »

It used to be 100,000 approvals per month. The market's dead. Sensible people are waiting for the inevitable further price falls before committing.

Yep, its been half this level and its been twice this level. 50k people buying during what is supposed to be a period of fear and trepidation is pretty impressive. What we have lost are the people who were just buying to better their homes with an eye on an increase in prices. Those that are selling now are made up of distressed sellers and some speculators but no doubt we shall get back to the 100k when the current "sellers strike" is over.

macaque_2

HAMISH_MCTAVISH wrote: »

Mortgage approvals numbered 48,722 in July, up from an upwardly revised 48,562 in June. Analysts had forecast a reading of 46,500.

http://www.telegraph.co.uk/finance/economics/7972742/UK-mortgage-approval-rise-but-total-lending-weakest-since-March.html

48,562 - 48,722 = 160 (June 2010 - July 2010)

48,562 - 108,000 = -59,438 (August 2007 - August 2010)

Pimperne1

macaque wrote: »

48,562 - 48,722 = 160 (June 2010 - July 2010)

48,562 - 108,000 = -59,438 (August 2007 - August 2010)

27,000 (BoE) - 48,562 - + 21,564 (Nov 2008 - August 2010)

maveli

1=2

here is how you do that

• Step 1: Let a=b.
• Step 2: Then ,
• Step 3: ,
• Step 4: ,
• Step 5: ,
• Step 6: and .
• Step 7: This can be written as ,
• Step 8: and cancelling the from both sides gives 1=2.

Generali

maveli wrote: »

1=2


here is how you do that

• Step 1: Let a=b.
• Step 2: Then ,
• Step 3: ,
• Step 4: ,
• Step 5: ,
• Step 6: and .
• Step 7: This can be written as ,
• Step 8: and cancelling the from both sides gives 1=2.

Simples, you're dividing by 0!

ruggedtoast

nearlynew wrote: »

Excellent news.

Cheaper houses have enabled more people to buy, hence the increase in approvals.

It is a buying frenzy out there.

beecher2

maveli wrote: »

1=2

here is how you do that

• Step 1: Let a=b.
• Step 2: Then ,
• Step 3: ,
• Step 4: ,
• Step 5: ,
• Step 6: and .
• Step 7: This can be written as ,
• Step 8: and cancelling the from both sides gives 1=2.

Oh lord, I've had a flashback to Logic in Maths 1A thanks to you