Friday, Apr 18, 2008
Gross mortgage lending down 17% YoY
CML press release: Gross lending slows in first quarter
Gross lending normally increases by around 20% between February and March, but this year the increase was only 5%.
Wait for the Express to hail this as a market recovery..
Posted by uncle tom @ 10:22 AM (463 views) Add Comment
8 Comments
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1. uncle tom said...
If you read the full text of this rather brief missive, there is not one word of bullish optimism - this is the language of an industry that knows it's in dire straits..
2. Mken said...
“We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions. Early action is needed ....blah blah"
It's the new PR spin - bullishness now replaced by couching less lending in terms of disaster - "worsening", "action needed" etc.
As if less lending is a bad thing for the wider economy.
It's only bad for margins of the members of the CML. Worsening for them, sure.
Especially if their mortgage books go into negative equity. Maybe we are already there.
Not that these people actually care about their "industry" - Coogan is complaining about his chances of a bonus that's all.
3. Mken said...
...does the CML share offices with .... the BBC!
CML, North West Wing, Bush House, Aldwych, London WC2B 4PJ
(on the press release)
4. Ijjhall said...
Thing is the CML are using these figures to pressure the Govt/BOE for increased intervention. For them 'bad news' is 'good news' if they get the assistance they are so cravenly seeking..
5. renting2 said...
Any lending going on is remortgaging and poss MEWing to pay off the plastic while they can.
6. justwatching said...
'Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices'
Wouldn't a statement along the lines of 'Mortgage rates are actually historically very low, the issue really is the massive capital advances required to cope with fookin outrageous, bonkers, cwazy, mad, expensive houses' ish.
7. Jackas said...
From the RICS survey:
"The slowdown in prices is directly attributable to a lack of available finance which has hit demand. "
That is my favourite quote from any report EVER. And once again CML state that things are getting worse.
As our lord and master Financial Planner said on newsnight - we may all want a Bentley but we can't all afford one. That actually means demand is low (unless of course Bently prices started to come down..). By far and away the most frustrating thing about the useful idiots is the blissful ignorance with which they believe house prices can only go up because we're a small island with lots of immigrants.
Stick that in your over-leveraged pipe and smoke it.
8. Distant_daz said...
Things are changing (in the right direction) at such a pace I can barely keep up!
I still can't quite believe that there are those that think the state should take steps to re-inflate this bubble (by accepting worthless mortgage backed 'securities' as collateral). Why do this? Its obvious it has run its cource. Prices are so grotesquely removed from fundamentals it is unreal. I get sick of hearing how 'interst rates are historically low' when, as Justwatching points out, the capitol advance more than offsets any interest rate advantage. If you listen carefully, you can almost hear the BTL brigade squealing - ahhh, music to my ears......how does it go now C76? MWUAHAHAHAHAH...cough...splutter....side splits...ouch......MWUAHAHAHAH....