Monday, Apr 27, 2009
'No' 'more' 'Green Shoots'
BBC: UK mortgage lending 'falls back'
Mortgage lending by the UK's major banks fell for the first time in four months in March, striking a blow to talk of housing market recovery.
The number of mortgages approved for house purchases fell to 26,097 in March, down 6.8% from February and 25% lower than a year earlier.
Posted by little professor @ 10:02 AM (1323 views) Add Comment
11 Comments
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1. little professor said...
Down 25% from last year, but down more than 50% from March 2007, when there were 62,000 mortgages approved for house purchases.
Peak was November 2006, when there were 80,000 mortgages approved for house purchases
2. uncle tom said...
LP,
Is the BBA data seasonally adjusted?
If not, this is not the time of year when a reduction would be expected..
3. mark wadsworth said...
Is it still too early to declare the "Spring Bounce" over and done again?
The Haliwide surveys out in a few days might be fun - perhaps one or the other might go 5y-on5y negative?
4. paul said...
The green shoots were simply moss growing over waterlogged ground then.
5. Gruppenfuhrer said...
Classic classic classic bull trap. Just spectacular. Amazing.
6. montesquieu said...
And still the sheeple haven;t quite got the message yet:
'According to a separate study by propertyfinder.com today, almost half of a survey of 2,345 people said prices would rise in the next year, a significant improvement in confidence.'
7. peter_2008 said...
These figures are quite significant in terms of HPC. That means spring bounce simply is not going to happen.
Also interestingly, the article mentioned that savers are reluctant to save, because the IR is so low. This must affected the banks ability to lend. So what GB is going to do? Print every penny that saver decided not to put in the banks?
8. inbreda said...
@6
I agree Peter. I still think that a protest removal of funds should be organised. I have removed a lot of money from the banks as it is simply not worth the risk of letting them have it. And leaving your money in the bank so that they can pay interest at less than inflation merely lets them get away with theiving from you.
9. will said...
No surprise there then.
10. rocket robbie said...
Inbreda
In your opinion where is the safest place to put your savings??
11. mark wadsworth said...
I think there are some charts somewhere plotting number of mortgage approvals/house purchases and changes in house prices, and there is a high correlation between the two.