Hometrak: +0.2% MOM. Supply exceeding demand

abaxas

I wish people wouldn't keep lying and using the term 'mortgage rationing'.

Mortgages are freely available for everyone, just not at the prices people want to sell their houses at. People are firmly ready to buy, just the vendors dont want to sell.

Percy1983

abaxas wrote: »

I wish people wouldn't keep lying and using the term 'mortgage rationing'.

Mortgages are freely available for everyone, just not at the prices people want to sell their houses at. People are firmly ready to buy, just the vendors dont want to sell.

This is true, I applied for the mortgage I wanted and got it no questions asked (apart from the usual :rotfl:).

As it is I found a Vendor who was realistic about pricing, the estate agent even told them they should ask for more.

ruggedtoast

Timber?

...............

Thrugelmir

abaxas wrote: »

I wish people wouldn't keep lying and using the term 'mortgage rationing'.

As an expression its a way of deflecting the truth and reality of the situation without causing a panic.

The_J

abaxas wrote: »

I wish people wouldn't keep lying and using the term 'mortgage rationing'.

Mortgages are freely available for everyone, just not at the prices people want to sell their houses at. People are firmly ready to buy, just the vendors dont want to sell.

That's not my view. There are plenty of people looking to buy at todays prices they just don't have the deposit.

My view is, of course, based on a small sample size but that is at least better than you pulling some crap out your !!!!.

Graham_Devon

The_J wrote: »

That's not my view. There are plenty of people looking to buy at todays prices they just don't have the deposit.

Errr yer.

And if they did, the mortgage would be available. That's not rationing. That's the requirements of the loan.

What you are basically saying is "there are plenty of people looking to buy, they just can't afford to".

ruggedtoast

Can we just accept that many people would be happy to pay the monthly payments on a high ltv mortgage, and may well already be paying more in rent, but they can't find a lender?

This rise, albeit small is another cruel poke in the eye for the hard pressed renter.

The_J

Graham_Devon wrote: »

Errr yer.

And if they did, the mortgage would be available. That's not rationing. That's the requirements of the loan.

What you are basically saying is "there are plenty of people looking to buy, they just can't afford to".

Can you not read? The chap said "Mortgages are freely available for everyone, just not at the prices people want to sell their houses at"

Which is false in my experience. People want to buy they just can't get the mortgage at the LTV they want. In a way it is "rationing" although that is a stupid word suggesting there is a shortage of some kind.

Stop being stupid Graham, you're becoming typecast.

Degenerate

the_flying_pig wrote: »

well, that's what demand is, the product of: (1) how many people want or need something; and (2) how much money they've got to spend on it.

Arguably yes, but by the same token supply would be the product of (1) how many people have something and (2) how many would be willing to sell it at a given price. Supply would always exactly equal demand by these definitions.

In a broader sense, the potential supply is how many people have something they would be willing to sell, and demand is how many people want or need that something. Once price is factored in to the equation an equilibrium level is found, as above.

HAMISH_MCTAVISH

Graham_Devon wrote: »

And if they did, the mortgage would be available. .

But if they all had the deposit, then there wouldn't be enough mortgages for all of them.

The banks would have to move the goalposts yet again, so as to reduce the pool of borrowers to match the pool of funding.

So it is rationing.

Obviously.