Tuesday, May 04, 2010
Lots of excuses
The Independent: Mortgage lending plummets by 83%
Mortgage lending dived by 83% during March, fuelling speculation that the housing market recovery is running out of steam
Posted by cynicalsoothsayer @ 10:09 AM (1847 views) Add Comment
13 Comments
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1. phdinbubbles said...
Net mortgage lending decreased by 83%, but the number of mortgage approvals rose by 19!
2. mark wadsworth said...
Glorious! Here are some of the excuses:
The low figure is likely to partially reflect the distortions to the market caused by the Government's stamp duty holiday, which led to people rushing through transactions on lower-value properties before the end of last year. It can also partly be explained by the severe winter weather the country suffered at the beginning of the year, which dented housing market activity, as well as the uncertainty caused by the General Election....
But there's a "but":
But economists have warned that these factors alone cannot explain the fall in activity seen since the beginning of the year.
3. alan said...
"Net lending, which strips out redemptions and repayments, fell to just £318 million during the month, down from £1.85 billion in February and the lowest level since July last year, when it was negative, according to the Bank of England".
I know a few people who did not complete sales, recently. Buyers couldn't get the mortgages they wanted...a 3 year fix seems to have "quietly gone up" in price.
4. matt_the_hat said...
The more excuses someone offers the more bull5hit they are talking
5. wdbeast said...
I was watching the BBC news website about an hour ago and the ticker tape headline read
"Net mortgage lending for March down 83%". There was no article attached.
The article they have now published has the headline
"Mortgage lending was 17% higher in March than a year earlier, the Bank of England says"
I am no conspiraloon, but the BBC is definitely in someone's pocket, and we all know which one!
6. mark wadsworth said...
I just want to confirm what WDBeast says, I saw the BBC ticker and was poised to post the article as soon as it appeared, only the Indy did it first (with word for word identical articles appearing in Daily Mail, Dash 24, Yahoo etc).
Whatever the % changes, what it boils down is that net lending is now b*gger all divided by six. Even the "down 83 per cent" is fairly meaningless, we have calculated before that the keep the house price bubble going, we need a monthly average of £30 billion in new lending, not £1.85 billion like in February 2010 or £318 million like in March 2010.
7. Crunchy said...
5. wdbeast said..."I am no conspiraloon, but the BBC is definitely in someone's pocket, and we all know which one!"
You will be a sane conspiracist It's just a question of time and intelligents. Do you really think it matters now which party wins.
(CHECKMATE) THE GAME IS RIGGED and you didn't even notice the moves. Enjoy what's left of your 'hard earnt' pension.
8. matt_the_hat said...
Its all over the age of austerity has arrived
9. uncle tom said...
It's no secret that the Tories have unfinished business with the BBC, following many years of left-leaning bias against them.
Expect the licence fee to be capped for years, reduced, or even abolished - if the Tories win an overall majority..
..those who work for the Beeb are well aware of this, so expect some last minute bias, or mis-reporting, to damage Cameron's prospects..
10. mark said...
A WOMAN was flying from Melbourne to Brisbane .
Unexpectedly, the plane was diverted to Sydney
Along the way. The flight attendant explained that
There would be a delay, and if the passengers wanted
To get off the aircraft the plane would re-board
In 50 minutes.
Everybody got off the plane except one lady who was
Blind. A man had noticed her as he walked by and
Could tell the lady was blind because her Guide
Dog lay quietly underneath the seats in front of her
Throughout the entire flight.
He could also tell she had flown this very flight before
Because the pilot approached her, and calling her by
Name, said, 'Kathy, we are in Sydney for almost
An hour. Would you like to get off and stretch your legs?'
The blind lady replied, 'No thanks, but maybe Buddy would
Like to stretch his legs.'
Picture this:
All the people in the gate area came to a complete standstill
When they looked up and saw the pilot walk off the plane
With a Guide dog! The pilot was even wearing sunglasses.
People scattered.
They not only tried to change planes, but they were trying to change airlines!
True story...
11. landofconfusion said...
The article also says:
"The sector also endured a difficult month on the savings front, with people withdrawing £318 million more than was deposited, the 12th time this has happened during the past 13 months."
So people are using their savings now? What happens to effective IR's if this continues (because of austerity measures) I wonder?
12. nomad said...
Just a small anti-bias BBC note. Last Thursday four BBC journalist/newscasters reported/commented on the "bigot" story on the 10 o'clock news. Not one of them could keep the smile off their face.
13. drewster said...
You can verify this on the NewsSniffer website which tracks changes to BBC News articles. Although it seems to be down at the moment....