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Fresh fears of housing market 'double dip' as mortgage lending crashes to new low
Comments
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I know it is hard for daily mail quoter's to understand but here you go.:)
http://www.rttnews.com/Content/EuroEconomicNews.aspx?Id=1406111&SM=1
So July would be £0.6Billion more than May and only £0.1billion more than June.
Like I said the increase is slowing it has not gone negative.
Actually you're the one confused. The total amount of debt held against property has continued to increase. The amount of money people borrowed during the unit of time (ie the amount of money in new mortgages) has decreased.
As the article, and the OPs comments were about the amount of money borrowed during that period of time it is clear they mean that month on month borrowing is falling.
As I love car analogies. A car that slows down will continue to increase total distance travelled, even though velocity is falling.Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...0 -
Actually you're the one confused. The total amount of debt held against property has continued to increase. The amount of money people borrowed during the unit of time (ie the amount of money in new mortgages) has decreased.
As the article, and the OPs comments were about the amount of money borrowed during that period of time it is clear they mean that month on month borrowing is falling.
As I love car analogies. A car that slows down will continue to increase total distance travelled, even though velocity is falling.
So you are arguing that the BOE said it increased (not me)
Your analogies would be saying it did 0-50 MPH but only did 50-60MPH this month.
That is not a car stopping, it is one not accelerating as quickly as before.
It has to start breaking (go negative) to start slowing down.0 -
Actually you're the one confused. The total amount of debt held against property has continued to increase. The amount of money people borrowed during the unit of time (ie the amount of money in new mortgages) has decreased.
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It states that net lending has increased by £86 million since June i.e. the banks are now lending £86 million MORE than they did in June.'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 -
Anecdotal - rightmove within 1 mile of me property listed 17 June at 495, after 3 price cuts now asking 410 - rats and sinking ships?I think....0
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Did we not see large savings withdrawals this month?
The all time low was the same month last year. I wonder if we are seeing some kind of seasonal repayment of debt this time of year?
(not saying it is happening just thinking of an explanation with approvals still rising)0 -
It states that net lending has increased by £86 million since June i.e. the banks are now lending £86 million MORE than they did in June.
"Net lending, which strips out redemptions and repayments, totalled just £86 million during the month - a steep fall from June's £518 million"
Net lending was £518 million in June
Net lending was £86 million in July
Did net lending increase or decrease from June to July?
You're still getting confused between total lending (the sum total of all debt secured against property) and net lending during a specific month.
If you had said "£86 million pounds more debt was secured against property at the end of July than at the end of June" then I'd agree. That isn't what the original poster was talking about though.Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...0 -
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If you had said "£86 million pounds more debt was secured against property at the end of July than at the end of June" then I'd agree. That isn't what the original poster was talking about though.
That is what net lending is, it is additional lending (or decreasing lending). There has been £86M borrowed on top of what was borrowed last month.
Lending has not decreased (IE total debt falling).
The numbers of mortgages taken out has increased so this is more to do with redemption & repayment than anything else.
Unless the people on here think the average mortgage taken for that month was around £2000.
Like I said, funny this should happen the same months savings fell.0 -
Jolly good! Bring on a house price crash.MFi3T2 #98 - Mortgage Free 15/12/20110
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i think the double dip might have started already. house prices are crashing round were i live. and nobody can get a morgage0
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When was the previous low? July 09.0
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