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Mortgage approvals fall 30%

«13

Comments

  • Rinoa
    Rinoa Posts: 2,701 Forumite
    luvpump wrote: »
    http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9331312/Mortgage-lending-falls-30pc-on-euro-debt-crisis-fears.html

    Prices are going one way, DOWN . :)

    Curiously, the Telegraph reported April BoE approvals as rising.

    http://www.telegraph.co.uk/finance/economics/9299559/Mortgage-approvals-rise-faster-than-expected.html
    If I don't reply to your post,
    you're probably on my ignore list.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    luvpump wrote: »
    Mortgage approvals fall 30%

    No they didn't.

    Your article says that....

    "The number of mortgages approved fell by 30pc in April to just 36,000"

    Whereas in reality.....

    "The BOE said mortgage approvals numbered 51,823 in April, up from 51,067 in March. Analysts had forecast a reading of 50,100.
    Mortgage lending grew by £1.14bn, versus forecasts for a £950m increase."
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    It's funny. The Telegraph state that the numbers come from the CML but when I go to the CML website it says:
    2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    HAMISH_MCTAVISH wrote: »
    No they didn't.

    Your article says that....

    "The number of mortgages approved fell by 30pc in April to just 36,000"

    Whereas in reality.....

    "The BOE said mortgage approvals numbered 51,823 in April, up from 51,067 in March. Analysts had forecast a reading of 50,100.
    Mortgage lending grew by £1.14bn, versus forecasts for a £950m increase."

    As you well know, they are two different datasets.

    Though if you are writing off the CML figures, I'd be interested to have your confirmation on this, as you have used them widely over the years.

    It's also on the BBC. http://www.bbc.co.uk/news/business-18439725
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    Graham_Devon wrote: »
    As you well know, they are two different datasets.

    Well something's wrong. One dataset shows a 30pc fall in approvals and another up by 1.5%.

    I'd expect two datasets measuring exactly the same thing to be closer than that. The -30pc figure looks a bit suspect.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Graham_Devon wrote: »
    As you well know, they are two different datasets.

    Yes.

    The CML figures are a component part of the BOE figures.

    Not all lenders belong to the CML, but the BOE reports on the whole of the market AFAIK.
    Though if you are writing off the CML figures, I'd be interested to have your confirmation on this,

    No, not writing off anything.

    Just noting that according to the BOE, approvals rose in April.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    HAMISH_MCTAVISH wrote: »
    Just noting that according to the BOE, approvals rose in April.

    So the CML figures are nonsense and the BOE are correct.... this month?
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Graham_Devon wrote: »
    So the CML figures are nonsense and the BOE are correct.... this month?

    It's entirely possible both are correct.

    The CML data is a part of the market. The BOE data is the whole of the market.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    HAMISH_MCTAVISH wrote: »
    It's entirely possible both are correct.

    The CML data is a part of the market. The BOE data is the whole of the market.

    Now I'm confused, as you stated they didn't fall 30%.

    But you are now stating it's correct. I must admit, your tail is very nice, but no need to keep on chasing it ;)
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Graham_Devon wrote: »
    Now I'm confused, as you stated they didn't fall 30%.

    They didn't fall 30%.

    The BOE figures are for the whole of market, and they rose 1.5%.

    The CML figures are for a part of the market, and they claim a fall of 30% for that part of the market.
    But you are now stating it's correct. I must admit, your tail is very nice, but no need to keep on chasing it ;)

    Is there something about the above that is too complicated for you to understand Graham?

    The CML is reporting 36,000.

    The BOE is reporting 51,000

    The CML figure is a part of the BOE figure.

    Lenders other than the CML members made up the difference.

    Total mortgage lending rose in April.

    It's simple enough that even a 5 year old could understand it....

    Why can't you?
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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