Friday, May 21, 2010
The latest excuse "Easter in April led to a seasonal dip in lending"
BBC: Mortgage lending falls in April, says CML
The total amount of money lent in new mortgages fell back in April. The Council of Mortgage Lenders (CML) said £10.2bn was lent, both to home buyers and other borrowers. That was 12% less than in March and was the lowest figure for any April since the year 2000.
Posted by jack c @ 10:14 AM (1532 views) Add Comment
13 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. phdinbubbles said...
With snow, full moons and the vernal equinox, it's a tricky year for the housing market.
2. Papabear said...
You beat me to it jack, when I saw the headline on the BBC I thought "what will the excuse be this time?".
Turns out it was THE EASTER BUNNY!
3. flashman said...
Why was mortgage lending so crap in 2000? I was living abroad, so I can't remember anything that might have caused it. It can’t have been the dot com bust because that was at the end of 2000/going into 2001
2000 was more or less the start of a serious housing boom, so it's strange that it should have started off with such a whimper.
4. str 2007 said...
hmmm I guess that people may have been holding off to see the election results. Easter can't have had an effect IMO.
The truth is though, it's not so much the election result than the 50 day emegency budget that will bring the state of things to light.
The 50 day budget will be the last chance for the new government to blame Gordon Brown for everything, I hope they don't dissapoint. (that's not to say I'm wishing doom and gloom, just that I feel there is a big problem that needs sorting and it's time for the 'people' to realise) So far no lessons have been learnt IMO.
5. mark wadsworth said...
That has got to be one of the finest excuses ever.
Has anybody seen the excuse "Househunters stay at home to watch World Cup" yet?
6. ontheotherhand said...
Time for predictions on the summer excuse headlines ahead?
World Cup Win, House Sales Thin
World Cup Loss Costs Estate Agents Dear
Eyjafjoell Spell Spoils EA Joys
HIP Stop Slip Up
7. str 2007 said...
Flashman
Good point. Actually the dot com bust started in about the April. I remember as we had a week in New York at that time and I was selling my dot com shares as he taxi arrived to take us to the airport.
I remember seeing the news each day in New York as shares fell each day and felt quite thankful I'd made the decision to get out.
The following year we sold an apartment which completed just before 911 and at the time we thought that was going to be it and again were very thankful for our timing. (Obviously hindsight tells a different story).
Even in 2003 myself and several friends were all selling houses for various reasons and it took all of us ages to sell ( a good 6 months for all of us and this covers 2 in Buckinghamshire, 1 in Berksire and a couple in Hampshire) so it was a broad range of properties across the South East) and yet if you look at charts for that time it was deep in boom time.
Somehow though the market in recent years (pre 2007 and since last March) took on another type of form altogether, where people really seem to have been buying anything with a board outside.
And yet now the figures suggest people aren't buying - strange.
Anyway that's my history lesson from 2000 as I recall it, so I think April could have been a quiet month for housing as people watched their money vanishing.
8. braindeed said...
I've heard that an inordinately high number of hairdressers retired recently - who wants to go house-hunting with thier barnet trimmed by the spotty apprentice......
9. titaniccaptain said...
There is some truth in this......
10. Notyethomeless said...
Is this not related to the fact that house prices were far lower in 2000, so the total borrowed was low?
Today, if the total value is comparable to 2000, then either a similar number of houses priced at 2000 levels were sold, or a tiny number of expensive 2010 houses were sold.
If prices have doubled since 2000, this implies half the number of transactions...
11. jack c said...
@ titaniccaptain - I must say you have come along way since those "up shed with titaniccaptain" videos that you posted on here a while back
12. titaniccaptain said...
LOL Jack C......
I will be doing new videos..........as soon as I move.
13. Simon68 said...
If the house price falls by 50% then banks need only 5 billion pounds to accommodate mortgage borrowers not 10 billion pounds.