Wednesday, Apr 15, 2009
Back to 6x earnings - what a relief for everyone
Telegraph: Economists hail first green shoots in housing market
Numbers rose from 23,400 loans in January to 24,300 loans in February, a 4 per cent increase.
However, the lack of affordable mortgages remains "a barrier" to most first-time buyers who typically had to find a deposit of 25 per cent, a record amount, the CML explained.
RICS said the number of properties being sold by estate agents rose from 9.6 properties during the three months to February to 9.7 properties during the three months to March.
Posted by matt_the_hat @ 07:19 AM (1259 views) Add Comment
20 Comments
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1. paul said...
Didn't they say this last month?
(and the month before?)
2. Paulos said...
The thing nobody seems to be mentioning is that mortgage approvals would surely normally be rising at this time of year - isn't winter the quietest period of every year.
Plus, everyone is saying "this is still lower than figures last year" - April 2008, weren't we already well into the crunch by then? Surely they should compare with April 2007 figures which I suspect will dwarf current numbers of mortgage approvals.
3. 51ck-6-51x said...
For the last few months they've been quoting an increase in window shoppers, now they have 900 more new new loans (new loans for new purchases) although how many of these loans were FTB and how many were people returning to the market would be nice to know - I imagine mostly the later, since they are more likely to have the deposit, anyhow with such low numbers this 4% up tick is fairly meaningless; it was bound to happen with the recent fall in prices and does not really point to a turning point, volume would need to pick up much further for that IMO.
4. sold 2 rent 1 said...
The Armstrong high is nigh.
In sum, this is as good as it gets (until global enlightenment that is)
5. 51ck-6-51x said...
S2r1.. oh, so we may as well take on as much debt as possible now then, eh?!
6. japanese uncle said...
New entry to the COD:
O'RLY Bird: noun; a legendary bird said to have first emerged in an also legendary website called House Price Crash UK, which, given its natural instinct to detect any vicious propaganda intended to delude the public into the wrong belief that everything should be OK, would pop up with its seemingly innocent, but profoundly ridiculing feature yelling 'O'RLY, thoroughly exposing the charlatanistic nature of the party involved in such propaganda, often associated with the so called 'green shoot' theories frequently publicized circa 2009.
7. mark said...
ok all this talk of green shoots and houseprices going up.... what utter rubbish
I have a list of 131 houses on rightmove, none have sold, many have dropped in price , 2 have gone up in price.............it is a varied list 100k to 600k, i simply cannot believe this talk from papers and estate agents.....
regarding the graph, can anyone verify if the past dates happened as shown?
8. flintster1994 said...
Brilliant JU!
Bring on the bird! Who's got the picture again? Maybe Paul?
9. paul said...
10. sold 2 rent 1 said...
mark,
"regarding the graph, can anyone verify if the past dates happened as shown?"
Read
http://www.contrahour.com/contrahour/2006/06/martin_armstron.html
and
http://www.contrahour.com/ItsJustTimeMartinArmstrong.pdf
51ck-6-51x,
"oh, so we may as well take on as much debt as possible now then, eh?!"
There is no right or wrong path. You have the free will to do whatever you want; strangely enough in a global system that is on a very rigid path.
However those who cling to the "old world" of materialism will have the toughest times ahead.
11. mrmickey said...
If the housing market is fragile with interest rates at 0.5% what will happen when the BOE are forced to raise rates to 10 or 20% to save the pound, doesn't bare thinking about really.
12. flintster1994 said...
Great Paul!
HPC's mascot!
13. sold 2 rent 1 said...
mrmickey,
"what will happen when the BOE are forced to raise rates to 10 or 20% to save the pound, doesn't bare thinking about really."
The GBP will not be saved. The govt want to destroy it so the elite can offer a new world currency as the way forward.
IRs could well go to 50pc once the inflation storm and currency crisis hits home.
We aint seen nothing yet.
14. refusetobuy said...
The phrase "O RLY?" was used on the Something Awful Forums at least as early as August 2003.[2] The original "O RLY?" Snowy Owl image macro is based on a photo taken by nature photographer John White, which he posted to the newsgroup alt.binaries.pictures.animals in 2001.[3] The snowy owl image was photoshopped on 4chan after the word filtering of the word "repost" to "owl".[4]
http://en.wikipedia.org/wiki/O_RLY
15. flintster1994 said...
I still prefer JU's description!
16. refusetobuy said...
JU post is definitely how the O RLY bird should be used. If we were able to stories then it would be one of the icons.
Seconded for mascot.
17. refusetobuy said...
JU post is definitely how the O RLY bird should be used. If we were able to "tag" stories then it would be one of the icons.
Seconded for mascot.
18. will said...
LOL
19. mrflibble said...
There are green shoots out there allright, the trouble is they are the green shoots of man eating killer nettles :-D
20. Btl_and_milking_it said...
S2R1 - "IRs could well go to 50pc "
You guys have some top bloggers here..