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

nollag2006

This is great news.

Mortgage approvals are a very good leading indicator of the market direction.

Add to this the recent dollop of QE, and I wouldn't be at all suprised to see 2012 as giving us a good healthy push on house prices.

About time too - the last year has been completely flat

geneer

Number of house purchase loans in August 2011. 52000.

http://www.cml.org.uk/cml/media/press/2424

Number of house purchase loans in August 2009. 53000.

http://www.cml.org.uk/cml/media/press/1334

Number of house purchase loans in August 2007. 99000.

Again, it appears that the spin is just spin.
Dig a bit deeper, and its clearly a case of gilding the turd.

Thrugelmir

geneer wrote: »

Number of house purchase loans in August 2011. 52000.

http://www.cml.org.uk/cml/media/press/2424

Number of house purchase loans in August 2009. 53000.

http://www.cml.org.uk/cml/media/press/1334

Number of house purchase loans in August 2007. 99000.

Again, it appears that the spin is just spin.
Dig a bit deeper, and its clearly a case of gilding the turd.

Comparison to 2001 is even more revealing.

MrRee_2

Where are your August 2010 figures?

MrRee_2

nembot wrote: »

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...

I don't quite understand your point?

You own a house which you are a Landlord - a BTL'er in essence.

And you rent another property nearer work for £150 more than the rent you receive on the property you own?

If I am correct I don't what that proves, other than you are offesetting your rent by the rent received upon your owned property?

Renting always has been throwing money into someone elses account .... I rented for 4 years when young as I couldn't afford to buy - and each month it hurt me deeply knowing that I was funding someone elses property purchase.

When I could buy I did immediately.

Jack_Johnson_the_acorn

MrRee wrote: »

Where are your August 2010 figures?

You'll be lucky! Ha-ha

MrRee_2

Jack_Johnson_the_acorn wrote: »

You'll be lucky! Ha-ha

WHY?

You don't mean they have been selective about the spin and the August 2010 numbers don't suit their argument?

Really2

WestonDave wrote: »

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.

They are lower, but unless people want 10-20% HPI YoY they are hardly a bench mark. It surprises me those that who want prices to fall expect transactions to be at the same level when prices were rapidly increasing.

75000-85000 sales (not approvals) is around price nutrality, we are around there at the moment.

geneer

MrRee wrote: »

Where are your August 2010 figures?

Or indeed my 2008 figures. Exluded so as not to obscure my point, which remains.

I guess you though there was no way I could anticipate you picking up on the fact that I chose to go back two years.
Or maybe you simply didn't notice that the original post already made the comparison between this year and 2010, making further comparison somewhat redundant?

A bit of smoke and mirrors about how volumes are currently rising doesn't mean all that much. They're still about half what they used to be pre crash. And still less than they were in 2009.

Its called applying a bit of context sweetie.
Works wonder when dealing with the hard of thinking.

heathcote123

MrRee wrote: »

I don't quite understand your point?

You own a house which you are a Landlord - a BTL'er in essence.

And you rent another property nearer work for £150 more than the rent you receive on the property you own?

If I am correct I don't what that proves, other than you are offesetting your rent by the rent received upon your owned property?

That must work out quite badly, as he'll no doubt be paying tax on his rental income as well.