Mortgage lending down again

Graham_Devon

Loving the first few paragraphs. Up but down but down but up.

Mortgage lending is still subdued, according to the latest figures from the Council of Mortgage Lenders (CML).

Total lending stood at £12.9bn in September, which was 2% lower than in August but 4% up on September last year.

But over the third quarter of the year total lending was 15% higher than in the second quarter, while still 2% down on a year ago.

The CML warned that lending might turn down again in the coming months.

"The housing market is very sensitive to wider household confidence, and this seems likely to weaken over the coming months in response to the latest spike in consumer prices and headline unemployment figures," said the CML's chief economist Bob Pannell.

http://www.bbc.co.uk/news/business-15382797

MacMickster

Sounds like they're pretty certain that they're not too sure what is going to happen to the housing market then.

EchoLocation

This is the BBC reporting it mind you.

Did I miss it or do they not indicate how much is re-mortgaging and how much is new mortgaging?

nearlynew

EchoLocation wrote: »

This is the BBC reporting it mind you.

Did I miss it or do they not indicate how much is re-mortgaging and how much is new mortgaging?

Does it matter?

Everyone knows by now that high and rising house prices are bad for the economy and for society in general.




(unless you're a debt junke of course)

EchoLocation

nearlynew wrote: »

Does it matter?

Of course it matters if reports of mortage lending figures are being used as propaganda in any way to blind the sheeple into believing that things are picking up. It's the same with reports of average figures that're being scewed London and the SE so they don't look as desperate as they really are.

nearlynew wrote: »

Everyone knows by now that high and rising house prices are bad for the economy and for society in general.

You'd think wouldn't you, but never discount the power of greed and self-interest.

Rinoa

EchoLocation wrote: »

This is the BBC reporting it mind you.

Did I miss it or do they not indicate how much is re-mortgaging and how much is new mortgaging?

No, you didn't miss it. Gross lending covers both and all we're interested in is house purchase data.

Which makes the topic totally pointless.

Graham_Devon

Rinoa wrote: »

No, you didn't miss it. Gross lending covers both and all we're interested in is house purchase data.

Which makes the topic totally pointless.

All you're interested in, do you mean?

Rinoa

Graham_Devon wrote: »

All you're interested in, do you mean?

I meant anyone seriously interested in future house prices.

Can you point to any topic on this forum that debated re-mortgaging numbers.

EchoLocation

Rinoa wrote: »

No, you didn't miss it. Gross lending covers both and all we're interested in is house purchase data.

Is it? Don't you think it would be interesting - and more helpful - if we were to also know how much of it was new mortgages?

Surely, 99% being re-mortages, or maybe 99% being new mortages, are two VERY different figures giving two VERY different outlooks on the market? Why would this not be welcome?

Rinoa

EchoLocation wrote: »

Is it? Don't you think it would be interesting - and more helpful - if we were to also know how much of it was new mortgages?

Surely, 99% being re-mortages, or maybe 99% being new mortages, are two VERY different figures giving two VERY different outlooks on the market? Why would this not be welcome?

That was my point. These figures don't split remortgaging out so they aren't much use. But they will split them later.

Then it will be worth posting.

Graham_Devon

Will this one do, where "interesting remortgaging is going up" strummed up thanks from 2 people?

One of them being you?

http://forums.moneysavingexpert.com/showpost.php?p=39881776&postcount=1