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I now predict a 70% rise in the number of mortgage approvals for February which will take us back to the February 2008 level in line with the NAEA stats

V Good!!!

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I now predict a 70% rise in the number of mortgage approvals for February which will take us back to the February 2008 level in line with the NAEA stats

Quite the reverse with the self-immolating low interest spring bounce attempt. It has the chance of utterly destroying the ability of building societies in particular to lend anything.

The even warned themselves that the policy would come to no good. As usual the bankrupt of England would have nothing of it - the building societies don't understand banking and the BOE are keeping a close eye on everything.

******tards.

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The 8 sales per estate agent were NAEA's February figures.

The latest approval data we have are from January.

Er - not now.

Lending 15% down from January (total figure)

So it looks like either an enormous number of cash buyers have appeared, which would be fairly miraculous, or the report of 8 sales per agent is total b*lls.

Which do you believe?

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Er - not now.

Lending 15% down from January (total figure)

So it looks like either an enormous number of cash buyers have appeared, which would be fairly miraculous, or the report of 8 sales per agent is total b*lls.

Which do you believe?

Together with several others on this topic you don't understand the difference between CML gross lending figures and CML approvals, nor do you allow for the time lag between sales and completions.

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Correct me if I'm wrong, but from memory we actually have quite a few members on this site who actually are conveyancers...including one whom I am sure I read was in danger of being laid off a few months ago...

Would any of them care to comment on the views from their frontlines?

I'm a residential conveyancer. All of us conveyancers in the firm I work for (reputable High Street firm) have just been cut to 4 days a week.

The irony is though that it is at a time when there has been a real upsurge in new subject to contract transactions. It has been a noticable surge, rather than a trickle.

Do I have a vested interest in ramping things up? Not really, I want the big crash. I'm in my early 30's and sick to death of the fact that I have done everything right, and despite being on an above average salarly, have good savings, I cannot even get close to affording an average property.

If I'm frank, there are plently of foolish people out there still prepared to buy and, at least at the moment, they appear to be coming out of the woodwork.

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I'm a residential conveyancer. All of us conveyancers in the firm I work for (reputable High Street firm) have just been cut to 4 days a week.

The irony is though that it is at a time when there has been a real upsurge in new subject to contract transactions. It has been a noticable surge, rather than a trickle.

Do I have a vested interest in ramping things up? Not really, I want the big crash. I'm in my early 30's and sick to death of the fact that I have done everything right, and despite being on an above average salarly, have good savings, I cannot even get close to affording an average property.

If I'm frank, there are plently of foolish people out there still prepared to buy and, at least at the moment, they appear to be coming out of the woodwork.

Thanks for the insight Roquentin.

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One of our local EA seems to be agressively stealing properties from the rest. I don't even know if they're legitimately selling them or just increasing the number with their boards outside.

Some haven't got price reductions, some are still on with the other agent, at least one is SSTC with the other agent from the time of the property appearing on the new agents list.

I don't know whether they're doing it so it'll look like it's them that have sold places.

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Together with several others on this topic you don't understand the difference between CML gross lending figures and CML approvals, nor do you allow for the time lag between sales and completions.

OK, on point 1, I do understand the difference between gross lending figures and CML approvals (I think!)

I don't believe the gross lending figures would be lower but miraculously the percentage of them that are for house purchases(as opposed to remortgaging) would have increased dramatically. We'll see, memory says the details come later.

On point 2, I'm not sure of the basis of the figures. Are you saying that a mortgage approval for a house purchase that is included in Februarys figures is likely to have been approved in (say) December?? That would be odd(or odd that it wasn't stated).

Therefore you're saying there are thousands of mortgages that were approved in Feb that have yet to hit the statistics, and will do so in March/April?

Please clarify.

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OK, on point 1, I do understand the difference between gross lending figures and CML approvals (I think!)

I don't believe the gross lending figures would be lower but miraculously the percentage of them that are for house purchases(as opposed to remortgaging) would have increased dramatically. We'll see, memory says the details come later.

On point 2, I'm not sure of the basis of the figures. Are you saying that a mortgage approval for a house purchase that is included in Februarys figures is likely to have been approved in (say) December?? That would be odd(or odd that it wasn't stated).

Therefore you're saying there are thousands of mortgages that were approved in Feb that have yet to hit the statistics, and will do so in March/April?

Please clarify.

Your original point was that gross lending was down for February, so the sales claimed by NAEA for February were 'B*lls'

But gross lending is money actually lent out, i.e. money that has left the banks.

The increased NAEA sales for February will take several weeks to complete and it will therefore be a month or two until the banks actually lend out on them. They will probably be included in March or April gross lending.

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