Thursday, Mar 18, 2010
Lending up prices down
Independent: Mortgage lending up
Howard Archer, chief UK and European economist at IHS Global Insight, said: "The mortgage approvals information from the Bank of England survey, in particular, adds to the impression that housing market activity has faltered early in 2010.
"(It) reinforces our belief that prices will be prone to corrections and no more than flat over the year as a whole amid still largely unfavourable economic fundamentals and tight credit conditions."
Posted by chrisch @ 10:48 AM (851 views) Add Comment
3 Comments
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1. mark wadsworth said...
"the CML said the figures are broadly in line with its forecast that lenders would advance a total of £150 billion during the whole of 2010"
Jolly good. That's about half of what they were lending in 2005 to 2007. And what happens to a leaky balloon when you stop pumping so much air in..?
2. mick rupert said...
This article is just a placeholder to conjure curiosity in the reader's mind.
At the very bottom of the article where there just happens to be a link to a mortgage comparison service, stating:
"Compare top offer on tracker and fixd rate mortgages at Independent Compare"
Click the link and you'll find your curiosity helpfully resolved!
[I know it's just context-dependent advertising to generate revenue, but this contrivance tickled me. I mean, you have to wonder what pressure there must be to write articles geared best to attract not only the most readers but the most lucrative advertising. Ultimately I'm describing VI journalists who deliberately attempt to manipulate machine-led AI for their own skynetesque VI.]
3. hpwatcher said...
It's just amazing that mortgage lending - rather than something wealth creating like exports - are now paraded as some kind of a measure of success. All part of living in the world of reduced expectations......
No-one should be borrowing money with the housing market in it's current state...but the government will try.