Wednesday, Jan 21, 2009
Well I never
BBC: Mortgages 'fell by 30% in 2008'
UK mortgage lending fell by 30% in 2008 to the lowest level since 2002, according to the Council of Mortgage Lenders (CML).
Lending totalled £256.4bn last year, compared with £363.7bn in 2007.
And mortgage lending fell in December to the lowest monthly level since April 2001, the CML added.
Posted by phdinbubbles @ 10:05 AM (595 views) Add Comment
5 Comments
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1. jack c said...
Extract from an article I posted 2 days ago (see www.moneymarketing.co.uk/cgi-bin/item.cgi?id=179115&d=pnd2&h=pndh2&f=pndf2)
"The best leading indicator of house prices is mortgage approvals, which makes sense since most people cannot buy a house unless they are first granted a mortgage. The graph above, which pushes mortgage approval data forward seven months, reinforces my point. My thanks to M&G for this data. I believe we can expect at least a 20 per cent fall this year and the market is not likely to hit bottom until late 2010 at the earliest. Millions of people in negative equity will cause a drag on the economy"
2. cyril said...
These figures are for gross mortgage lending so a decline could be down to less remortgaging (although net lending is probably down too). This is probably of more interest to people in the mortgage industry because it showns the general level of activity.
3. mark wadsworth said...
The 30% whole year figure is meaningless.
Apparently the December 2008 figure was 90 per cent lower than December 2007 (or was that November?). Which in turn was lower than December 2006 when the boom was still underway.
4. Harrimorg said...
We are in a different world now boys. With Mr Mr Brown's "new measures", house prices will begin to rise as the rush to invest cash in something that is real. As inflation rises due to "printing printing printing", bricks and motar is the place we will want to invest.
5. it_is_going_with_a_bang said...
Why should it be wrong anyway?
Sounds like common sense returning .....