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

Pimperne1

heathcote123 wrote: »

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

Yes, that's exactly where I am hurting at the moment (but, as with the poster, I am renting a place that I could never afford to buy).

MrRee_2

Seems to me that house sales are taking off quite substantially, whatever spin you wish to put on it.

It could be that the bottom of the market was spring 2011? Since then it has climbed each month.

This is a leading indicator - sales following these will appear in December 2011.

MrRee_2

Pimperne1 wrote: »

Yes, that's exactly where I am hurting at the moment (but, as with the poster, I am renting a place that I could never afford to buy).

Interesting point there ... and an interesting observation which begs a question.

Is it better to rent a house which is higher than your station - or - buy a property which you can afford?

The house you could never buy will always be costing you every month until the month you die .... the house bought within your means, on the other hand, will have been paid for about 40 years before you die.

So, for 40 years your monthly outgoings on rent never decrease, they just increase ... and your family gets nothing when you keel over?

I guess that's why the wise always buy?

geneer

Thrugelmir wrote: »

Comparison to 2001 is even more revealing.

Please elaborate.

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

Pimperne1 wrote: »

Yes, that's exactly where I am hurting at the moment (but, as with the poster, I am renting a place that I could never afford to buy).

Yeh bit of a bum deal that - works out like an additional tax on renting really.

Whats the value/rent on your place?

geneer

MrRee wrote: »

Seems to me that house sales are taking off quite substantially, whatever spin you wish to put on it.

Seems to me like they really aren't whatever spin you wish to put on it.



Still maybe I'm wrong and the traditional Winter bounce will rocket approvals into outer space right?!

Really2

geneer wrote: »

Please elaborate.

When more house sell house prices generally go up.

So you will be pleased to know if you get to 2001 levels of transaction you will be paying about 20% more for your house in a year.

So if you want higher transactions you want house prices to increase.

Current transaction levels are supporting current prices. (stagnation)

But I believe you would be moaning if transactions were around 120,000 and hpi was 20%.

MrRee_2

That graph proves that sales are heading UP .... are you blind also

Pimperne1

heathcote123 wrote: »

Yeh bit of a bum deal that - works out like an additional tax on renting really.

Whats the value/rent on your place?

Getting in £1500 pcm (but IO tracker is only costing me about 0.5% above base rate). Probably worth circa £425k. Paying out £1650 pcm (place probably worth £650K+ but might be a too far out in the sticks for some people - hence why it was on market for a while before I took it). As I am now retired I am intending to pay off mortgage with my savings when rates go up significantly.

Happy to do this for a while as Mrs Pimp loves the place - I am a bit too thrifty to enjoy it as much as she does.