First-time Homebuyers Rush To Join Bargain Hunt

[Valerius]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

[cashinmattress]

[three pint princess]

The total number of mortgages taken out by people buying a new home jumped by 29 per cent compared with February but was down 33 per cent from a year ago, figures from the Council of Mortgage Lenders show.

Sales remain low, with the average estate agency branch selling fewer than four properties a month. The CML said that demands by lenders for high deposits were deterring many potential buyers. Bob Panell, the head of research for the CML, said: “For those without substantial deposits, entering the market is still both difficult and uncertain. While there are some signs of demand increasing, house prices remain weak and lending criteria inevitably remain inherently conservative as lenders necessarily seek to rebuild their capital position.”

Oh dear

[ReadingRabbit]

are they producing those big deposits from their ar$e?

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

[chewy22]

First-time Homebuyers Rush To Join Bargain Hunt

I did think why would FTB want to be on that stupid car boot sale TV program.

Oh I see they are buying falling assets hardly a bargain

['Bart']

From the comments section:

and prices are near normal now related to average incom [sic] of 45k

[Sybil13]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

Discussed here yesterday

Some 31,000 home loans were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said

Some 12,500 first-time buyers took out a mortgage during March. This accounted for 40% of all loans, the highest proportion since April 2005

Roof Magazine:

Lending slump hits first-time buyers

The 2008 third quarter total of 44,300 was the lowest ever recorded and less than half the number made in 2007.

The last time the number of loans went that low was 44,500 in the first quarter of 1974 when the 1970s credit crisis was in full swing

Q1 2009 :

Jan - CML - 8,900 loans minus 51% Jan 2008

Feb - CML - 9,400 loans minus 47% Feb 2008

March - CML - 12,500 minus % March 2008

Total: 30800

So if Q 3 2008 at 44500 was as low a Q1 1974 not sure there is a lot to get excited about in Q1 2009 is there?

[Moo]

This accounted for 40% of all loans, the highest proportion since April 2005

If Fred starts off with five sweeties and Bob starts off with five sweeties, then Fred eats one sweetie and Bob eats three sweeties, does Fred now have more or less sweeties than he started with?

[dispossessed]

You really are a sad ****.

[Bloo Loo]

well the money has run out for the homebuy scheme, which encouraged 100% mortgages, so we need more price drops to keep up the momentum.

[cashinmattress]

Must....have...pwoberdee....

[darwin]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

I can't be bothered with you today.

So I've got just 2 words for you: bull and shit.

[heather5]

Just seen an ad for Monday's ITV 8pm slot - apparently about FTB coming back in as the market has bottomed out - interesting if they are being encouraged to go-for it!

The EA rises again from the depths ..... buy, buy, buy!

[FreeTrader]

From the comments section:

"and prices are near normal now related to average incom [sic] of 45k"

Almost as bad as the Halifax, Bart.

Here's the ONS numbers for full-time earners:

And here they are in real terms:

Not made much progress over those ten years have we? Good job we all got richer through higher house prices.

[three pint princess]

Not made much progress over those ten years have we? Good job we all got richer through higher house prices.

Just add HEW as a % of post tax income

[Bruce Banner]

See Below.

[kilroy]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

12500 in Mar 2009 (40% of market)

32500 in Mar 2007 (26% of market)

All we need now is BTL to come back along with Lehman, B&B, Skipton et al. oh yes, and the securitisation market.

[guitarman001]

I've never heard such sh!t in my entire life. Nobody I know thinks it is a good time to buy - even die-hard bulls.

As for £45k average wage (did I read that right?) ... my @rse!!!!!!

More like £25k. Look at graduates now, also - they're lucky to get a job and if they do pay is nothing to write home about. Plus there will be massive student loans to pay off (I should know, I have one!!).

FTBs are a long, long way away...

Btw, good graphs for earnings.. More like what I thought...

Honestly, with the decimation of banking here... most jobs are in retail or something non-descript. Most people must be on £18k.

[LettingsLady]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

I'm really surprised you like that article as all it does is tell us how house prices have further to fall, and how slow house sales are and how bad it is compared to last year, and how difficult it is for FTB's......................

Do you only read the headline too?

[ʎqɐqɹǝʞɐɥs]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

Aw bless, you hoping one of the muppets will purchase your over-priced shthole so that you can deleverage?

[Hip to be bear]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

In there droves no doubt!!!!!!

March 2009........31000 approvals.

March 2007........113000 approvals.

Rather a long way to go to get back to those days when prices were rising hey!

Still its getting better for you. Approvals are only 74% down on 2007 figures. With those encouraging figures house prices might only go to 50% off peak instead of 60% off

['Bart']

Almost as bad as the Halifax, Bart.

Here's the ONS numbers for full-time earners:

I'm not sure about more affluent areas of the UK, but 45k is certainly nowhere near the average wage for South Yorkshire (more like half that).

I don't know anyone who's on 45k, or even close.

OK, probably my accountant , but friends and family? No way.

[the end is a bit nigher]

I'm not sure about more affluent areas of the UK, but 45k is certainly nowhere near the average wage for South Yorkshire (more like half that).

I don't know anyone who's on 45k, or even close.

OK, probably my accountant , but friends and family? No way.

See my revision post re: the CML definition of FTBers

[three pint princess]

See my revision post re: the CML definition of FTBers

Do they still publish figures?, last I saw was somewhere around 45K and a 50K cash deposit.

Edited May 15, 2009 by Tom Peters

[scuuzeme]

http://www.timesonline.co.uk/tol/money/pro...icle6289539.ece

Good news again. FTBs are back.

Another grossly misleading headline, that's all.

You don't need to read much further than a couple of paragraphs of the article itself to see it disproved.

It's not as bad as the headline they printed on Sunday, but close.