Tuesday, Sep 21, 2010
Recovereh stalling
Daily Express: LENDING GLOOM SPARKS SLUMP FEAR
MORTGAGE lending fell to its lowest level in August for a decade, sparking fears of another property slump. £11.4billion was lent in August, down 14% from July, and the lowest August figure since 2000, the Council of Mortgage Lenders said.
The figures were described as “exceptionally weak” by Bob Pannell, chief economist of the CML, who warned: “We face the prospect of a difficult second half of the year.”
Posted by little professor @ 01:16 AM (1429 views) Add Comment
10 Comments
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1. gone-to-colombia said...
Must be bad if this liar sheet is talking of a slump in property sales.
2. hpwatcher said...
More QE - that's what's needed!
3. paul said...
But we've been keeping interest rates low so that we can ... ahem, "spend our way out of the recession" etc. ...
4. paul said...
Wut? No headlines on house price today?
5. M4nclad said...
What resonates with me is that I bought my first house in August 2010. It cost me £50k and my mortgage was for about £47k. Similar houses in that areas are on Rightmove for about £125k.
So we have mortgage lending at year 2000's level against 2010 house prices which are at least twice as high if not significantly higher.
Assuming I have understood the story correctly, this is very significant. How can house prices stay at the current levels with such low mortgage funding?
6. str 2007 said...
The reason lending is low is that processes too high and without liar loans most people can't afford to buy.
7. sneaker said...
Daily Express wins the aware for The Most Comically Volatile Histrionic Headlines.
Just a few weeks ago they were telling us a huge house price boom was upon us.
Did it fizzle out by the following Monday?
Excellent stuff, lads, keep it up.
8. mark wadsworth said...
It's all good. The more bear food, the better.
OK, we are very biased here, but can anybody measure, reasonably objectively, what the balance between positive and negative stories in the big newspapers? is it tipping towards negative yet?
9. sibley's b'stard child said...
Jonathan Moore, director of the flat-sharing website easyroomate.com, said: “Getting a mortgage remains a first-time buyer’s worst nightmare and this won’t improve any time soon".
Au contraire Johnathan, a FTB's worst nightmare is getting sucked into our rigged ponzi scheme of a housing market.
“There’s still a huge gap between the number of people who want a mortgage and those who can afford the colossal deposits lenders require".
In other news, in a survey of 20 million people in the UK - with surpising results - all 20 million said they would like a rolls royce.
10. sibley's b'stard child said...
@ MW
'Fraid I can't help you there; my confirmation bias filter ensures that i'm impervious to 'good news'....