Mortgage approvals for purchases up to 52,000 7% MoM 2% YoY

Really2

http://www.cml.org.uk/cml/media/press/3051
I let it slip for hours, but no one wanted it.

House purchase lending is spread across both first-time buyers, and home movers and both contributed to the rise. The number of loans to first-time buyers rose 5% both from last month and August last year, while the value rose by 4% from July and a larger 9% from August 2010. Home movers took out 33,000 loans in August (worth £5.5 billion), an 8% increase (10% by value) on July and up 1% (2% by value) from August 2010. Lending to both first-time buyers and home movers was at its highest for over a year.

Bloody Skint people getting mortgages also.:mad:

Remortgaging up also, must be people fed up of the governemnt "rescuing them" on their 0.5% mortgage rates we keep getting told they have got.

Thrugelmir

Really2 wrote: »

I let it slip for hours, but no one wanted it.

Nothing of significance in the figures.

Most interesting fact was that 96% of new FTB mortgages were taken out on a repayment basis. Seems as if the lessons of the past have been taken on board.

Really2

Thrugelmir wrote: »

Nothing of significance in the figures.

Most interesting fact was that 96% of new FTB mortgages were taken out on a repayment basis. Seems as if the lessons of the past have been taken on board.

If you give them no choice they can't choose.:)

I think the rise is interesting on the back drop, it feels like we are somewere between 2008 and 2009 with Europe the decider on direction.

MrRee_2

People are fed up with all the talk of economic meltdown I suppose and getting on with their lives?

I have seen people sitting, waiting, hoping, worrying, since 2008 to actually re-start their lives .... that's 3 years now - 3 years out of your life, 3 years you may have been buying someone elses property for them, 3 years where you have been on hold.

We are a strong species - we want to move on, we want to live, we want to enjoy .... sometimes one must just leap into the darkness to move forward.

Buying property in this time is a brave move - one for the strong and confident ... not me, I'm very risk averse - but it seems there are plenty of cavaliers about!

Good on them, I say.

Pimperne1

MrRee wrote: »

People are fed up with all the talk of economic meltdown I suppose and getting on with their lives?

I have seen people sitting, waiting, hoping, worrying, since 2008 to actually re-start their lives .... that's 3 years now - 3 years out of your life, 3 years you may have been buying someone elses property for them, 3 years where you have been on hold.

We are a strong species - we want to move on, we want to live, we want to enjoy .... sometimes one must just leap into the darkness to move forward.

Buying property in this time is a brave move - one for the strong and confident ... not me, I'm very risk averse - but it seems there are plenty of cavaliers about!

Good on them, I say.

Good on you I say! The only quibble I have with your post is that people have been sitting on the fence on other sites since 2004! :eek:

ess0two

Pimperne1 wrote: »

Good on you I say! The only quibble I have with your post is that people have been sitting on the fence on other sites since 2004! :eek:

2001 for Brit innit?

Batchy

To be involved you have to be involved, discussing numbers on a forum is not sitting on the fence, what probably happened with a lot of these sitting on the fence types is they sat on the fence without paying their credit cards on time, and they are trying to tell themselves they will still get a chance in the future... ... life doesnt work that way!

MrRee_2

Pimperne1 wrote: »

Good on you I say! The only quibble I have with your post is that people have been sitting on the fence on other sites since 2004! :eek:

Yes, I have visited HPC site ... that is full of sad people who have no intention of ever buying - and trying to tell everyone else that we are at the tipping point of a massive correction.

They have been waiting, as you say, since 2004 ...... what a waste of 7 years. I'm not sure what they thought as prices flew upwards for 3 years to 2007. They now sit at 2004 levels in most places.

So, they could have bought on 2004 - and still had an asset worth what they paid ..... but, in that time they have rented and bought someone elses house for them - yet see nothing for it ... sad, very sad.

nembot

I bought over ten years ago, but over the last three years rented closer to work whilst my property is tenanted.

It costs me 150 quid extra on top of my rental income to live here and you're tell me renting is pointless?

To buy this property even on an IO mortgage would be considerably more than my rent, to all things there is context...

HAMISH_MCTAVISH

Excellent news.

WestonDave

Mortgage approvals may be rising partly as a result of people overcoming the deposit hurdle. In 2008 when the 100% mortgage tap was suddenly turned off, anyone wanting to buy their first home had to work out how to find upwards of 10% of a 6 figure sum - i.e. in almost all cases at least £10k. That sort of cash doesn't accumulate overnight, and after 3 years it makes some sense to see people being able to afford their deposits at last.

I could be wrong but these figures still seem pretty low compared to 4 years ago, but then again a steady increase is probably more healthy than a massive rush, that prompts a rate rise and in turn leads to problems.