Friday, May 23, 2008
VI Opinion
Firstrung.co.uk: Industry Opinion
Gross mortgage lending reached an estimated £25.3 billion in April, a 5% increase from March and an 8% decline from April 2007, according to the Council of Mortgage Lenders...
A fall is typically expected from March to April. However, the fact that Easter was in March is likely to have affected the monthly profile this year. For March and April combined, lending was down 16% from 2007 levels.
Posted by housebear @ 03:25 PM (483 views) Add Comment
3 Comments
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1. uncle tom said...
A couple of days ago I spent the night at a friend's house in Wokingham, Berks, that he bought last summer.
A pleasant suburban street from the 1950's where every house is different, and sits on a plot of about 30ft x 100ft. He told me that the plots were originally given away to Heathrow air crew as a self-build scheme.
His house, like most in the street, is looking a bit tired, although in reasonably good order internally. He is planning to move out soon to have a complete re-fit and extension project that will cost not much less than a re-build. So basically this was little more than a building plot.
I looked up how he paid for the house - £499k + stamp duty
£514k for a 30 x 100 plot, 35 miles from central London
How can anyone believe that sort of money is sustainable, when the plot was originally cheap enough to be given away?
2. bystander said...
.....but Dr Mott said the figures for mortgage lending would be 'truly horrendous', and therefore the MPC should slash rates, he is absolutely clueless.
3. jack c said...
@ 1. uncle tom said..."How can anyone believe that sort of money is sustainable, when the plot was originally cheap enough to be given away?" - it isnt sustainable at all, unless of course there is a never ending readily availbale supply of very cheap and easy credit - but I think that party has come to an end.
As for Bill Mott's comments running on the other thread, it strikes me that UK & US stocks are (IMO) continuing to defy gravity and without an interest rate cut a downward correction will likely occur - you can only prove yourself to be a good fund manager if you have a fund to run and recently there have been record OUTFLOWS from IMA sector funds. Mr Mott wont want to see his fund shrink to an unviable size and be forced to close it.