Mortgage approvals drop 21pc in Feb

Emy1501

The stamp duty exemption does not finish till near the end of March so I suspect their maybe a few approval relating to this in Febs Figures. As said March figures will give a better idea of where the market is going.

46,000 is low though and even if you average out the 2 months you are still looking at figures way down on average and showing little improvement also. I remember CML not so long ago talking of 70K monthly approval by the end of 2010-2011.

Generali

HAMISH_MCTAVISH wrote: »

When we get the numbers in from spring.....

As opposed to the current numbers from the middle of winter.;)

AIUI, the term 'spring bounce' is a bit of a misnomer. The seasonal adjustment shows house prices increasing in Jan by the largest amount and falling in Dec by the most. It's a straight line between the months pretty much.

SecondLegDownIsTheBigOne

http://www.estateagenttoday.co.uk/news_features/Surveyors-forecast-21-crash-in-mortgage-approvals-as-FTBs-fizzle-away-.-.-.

Seems that the spring bounce was just wind.

wotsthat

SecondLegDownIsTheBigOne wrote: »

http://www.estateagenttoday.co.uk/news_features/Surveyors-forecast-21-crash-in-mortgage-approvals-as-FTBs-fizzle-away-.-.-

Seems that the spring bounce was just wind.

Says average LTV is just 61% now as well.

That means during an economic downturn and lower house prices mortgage holders are actually paying off debt faster than house prices are falling. Not all bad news then.

Thrugelmir

Emy1501 wrote: »

I remember CML not so long ago talking of 70K monthly approval by the end of 2010-2011.

That's the historic average. Not the figure they expected.

There isn't the money to fund this level. Would require over £2.5 billion a month.