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'sharp Rise' In Mortgage Lending


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The number of loans handed out for house purchases in the UK rose sharply in March, lenders say.

Some 31,000 mortgages were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said.

The increase was in line with data showing more applications for home loans had been approved by lenders.

But the CML warned the position was still tough for those unable to put down a significant deposit.

http://news.bbc.co.uk/1/hi/business/8049535.stm

WUTANG

AWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGA

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The number of loans handed out for house purchases in the UK rose sharply in March, lenders say.

Some 31,000 mortgages were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said.

The increase was in line with data showing more applications for home loans had been approved by lenders.

But the CML warned the position was still tough for those unable to put down a significant deposit.

http://news.bbc.co.uk/1/hi/business/8049535.stm

WUTANG

AWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGA

39,000 is still pi$$ing in the wind, it still supports price falls and does absolutely nothing to stop the humongous wave of UK repossessions, combined with Alt-A and Option ARM carnage we are about to see as we approach crimbles.

Ho-F**cking-Ho.

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The number of loans handed out for house purchases in the UK rose sharply in March, lenders say.

Some 31,000 mortgages were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said.

The increase was in line with data showing more applications for home loans had been approved by lenders.

But the CML warned the position was still tough for those unable to put down a significant deposit.

http://news.bbc.co.uk/1/hi/business/8049535.stm

WUTANG

AWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGA

winesmiley.gif

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39,000 is still pi$$ing in the wind, it still supports price falls and does absolutely nothing to stop the humongous wave of UK repossessions, combined with Alt-A and Option ARM carnage we are about to see as we approach crimbles.

Ho-F**cking-Ho.

It shows that we may have bottomed you can't dismiss such a large rise. Coupled with the fact that repos are not as bad as people first feared!

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The number of loans handed out for house purchases in the UK rose sharply in March, lenders say.

Some 31,000 mortgages were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said.

The increase was in line with data showing more applications for home loans had been approved by lenders.

But the CML warned the position was still tough for those unable to put down a significant deposit.

http://news.bbc.co.uk/1/hi/business/8049535.stm

WUTANG

AWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGA

and february was a snowy wipeout. so that's a 29% increase on not very much.

Edited by spivtastic
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Like I keep saying: increased approvals at lower prices. Just enforces the lower price. This is actually great news as people are starting to accept that prices have fallen and have given up waiting for the mythical price increase. Just remember, Halifax, down 1.7% on higher volumes.

LOL bear spin

Has anyone got the link to the graph which plots house prices against approvals?

Show it to this man!

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Guest pioneer31
Phew! Shortest housing correction in history.

And the economy is fixed too?!

Oh thank the lord.

I hear birds singing and children's laughter, the sun is shining and I just know everything is just going to be alright.

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It shows that we may have bottomed you can't dismiss such a large rise. Coupled with the fact that repos are not as bad as people first feared!

********.

The only reason that repos are not as bad as they would be is that the nationalised banks have been told to hold off before the election.

Nothing is getting better, if more debt and more liabilities are needed at the personal, governmental and taxpayer level then the situation is getting worse.

Watch for the next round of companies who decide to finally give up on the UK totally. It won't be a difficult decision to make, they will see that future earnings form the UK will be poor and costs will e rising, not falling (as they should be in the globally competitive environment that is being foisted on the economy by the same people who are promoting the perpetuation of high costs).

A few false blips and even further damage this can be dragged out for decades, but it will be decades downhilll.

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It shows that we may have bottomed you can't dismiss such a large rise. Coupled with the fact that repos are not as bad as people first feared!

Just like the reccession is not as bad as people first feared ?

Repo`s are probably not as bad, due to the government now having a fair amount of control over some of the main lenders.

I see rising unemployment, but I still hear bullish comments about property. Seems a bit odd to me.

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Just like the reccession is not as bad as people first feared ?

Repo`s are probably not as bad, due to the government now having a fair amount of control over some of the main lenders.

I see rising unemployment, but I still hear bullish comments about property. Seems a bit odd to me.

Again unemployment is not rising as fast as people initially thought it would we are no longer expecting to hit the 3 million mark by year end.

Edited by LondonToManchester
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I don't know if I'm the only one who really doesn't know which way things are going at the moment. First it looked like things were picking up, then getting worse.

Today we hear of the 29% rise in mortgage lending and of 15,000 job losses at BT. Most of those losses will be in Britain and on top of the 15,000 previously announced.

As time goes by more first-time buyers will have managed to save the 10-20% deposit needed to buy a house, and perhaps those buyers are beginning to find their way into the statistics.

The other thing that is probably preventing house prices falling is that lower mortgage interest rates means there are fewer people who can't afford to keep their house, so fewer forced sales.

Edited by blankster
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Again unemployment is not rising as fast as people initially thought it would we are no longer expecting to hit the 3 million mark

Evidence please? Forward trend from Q1 2009 runs forward to 3 Million by christmas.

Merv has just announced that the recovery may not even start till mid 2010.

You want to comment on the fact unemployment peaks well after the recovery starts?

OR areyou just a bit thick?

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29% eh?

winesmiley.gif winesmiley.gif winesmiley.gif

As prices fall, more people will become eligible for mortgages. So approvals will rise.

People are believing the "green shoots" talk, and a few more people want to buy houses. whoopee-do.

What is happening is that 12-month comparisons are starting to compare low numbers with, already low numbers from last year. Try comparing the 31,000 number with the number of approvals when prices were rising. (Clue - 31,000 is piddly)

The fundamental facts are still that we have record personal and government debt, fast rising unemployment and a banking system which cannot support the large scale lending required for price rises. So prices will fall - and fast if IRs rise which I think they will have to in 6-12 months.

It will be better for you in the long run if you snap out of your denial. Woefully misinterpreted crumbs of comfort like this are just cruel in the long run for people like you.

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