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Joey Buttafueco Jr

April Mortage Approvals 43k

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but, but, but the number's up on last month?? it's a recovery, right?!

interestingly, if you look at total lending for house purchase vs number of loans, you see the average mortgage is ~£115k, this is down a few k from last month, and considering the deposit requirements are marginally easing if anything, this shows the reduced prices people are paying.

Or it could mean more FTB's are entering the market.

Which is a positive sign.

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you might be right, i know a few FTB's who've managed to get their parents to stump up a 20% deposit without saving a penny themselves. However, i'm a potential FTB, and having saved ~25% in the last few years there's not a hope in hell you'd see me buying anything right now. Nothing to gain but everything to lose by buying right now.

No risk of unemployment then?

That's the big market-distortion. When those savings get eaten up by rent, you'll wish you'd bought :wacko:

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Cheers Noel.

Looks like "not a lot happening, really" to me.

but, but, but the number's up on last month?? it's a recovery, right?!

interestingly, if you look at total lending for house purchase vs number of loans, you see the average mortgage is ~£115k, this is down a few k from last month, and considering the deposit requirements are marginally easing if anything, this shows the reduced prices people are paying.

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Or it could mean more FTB's are entering the market.

Which is a positive sign.

you might be right, i know a few FTB's who've managed to get their parents to stump up a 20% deposit without saving a penny themselves. However, i'm a potential FTB, and having saved ~25% in the last few years there's not a hope in hell you'd see me buying anything right now. Nothing to gain but everything to lose by buying right now.

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Or it could mean more FTB's are entering the market.

Which is a positive sign.

£3,879,000,000.00 32,285 £120,148.68 Jan

£4,490,000,000.00 38,183 £117,591.60 Feb

£4,667,000,000.00 40,038 £116,564.26 Mar

£4,999,000,000.00 43,201 £115,714.91 Apr

6 month average

£4,006,166,666.67 33,845 £118,368.05

It's even better for you, +2.29%

Edit: included 6 month average, my mistake.

Edited by Tom Peters

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but, but, but the number's up on last month?? it's a recovery, right?!

interestingly, if you look at total lending for house purchase vs number of loans, you see the average mortgage is ~£115k, this is down a few k from last month, and considering the deposit requirements are marginally easing if anything, this shows the reduced prices people are paying.

Wonder what the purchase price vs mortgage amount is. I only know 1 person who has moved recently, he sold his £350,000 house to a cash buyer and moved into another £350,000 house with a £100,000 mortgage

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you might be right, i know a few FTB's who've managed to get their parents to stump up a 20% deposit without saving a penny themselves. However, i'm a potential FTB, and having saved ~25% in the last few years there's not a hope in hell you'd see me buying anything right now. Nothing to gain but everything to lose by buying right now.

Yup, exactly the same situation fella. A couple of friends who havent had to save themselves but simply got the cash off their parents are looking to buy. My hard earned £40K aint going anywhere near a house for at least 12 months, by which time I fully expect further drops and thus waiting to be on the cards.

Its amazing how you value money you have saved yourself far differently from that thrown at you by your folks. They are happy to take a punt with someone elses money. I'm happy to keep saving instead and just have an even larger deposit to put down against an even cheaper house!

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Or it could mean more FTB's are entering the market.

Which is a positive sign.

And exactly how have you come to that conclusion? Mortgage sizes coming down but house prices levelling for now. I'd say the most likely explanantion is more cash-rich buyers with hefty deposits entering the market, which clearly isn't your average FTBer.

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No risk of unemployment then?

That's the big market-distortion. When those savings get eaten up by rent, you'll wish you'd bought :wacko:

why? So I can get my house which is in negative equity repossessed? Brilliant. I would rather hand in my 1 month notice and rent somewhere cheaper/smaller

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Yup, exactly the same situation fella. A couple of friends who havent had to save themselves but simply got the cash off their parents are looking to buy. My hard earned £40K aint going anywhere near a house for at least 12 months, by which time I fully expect further drops and thus waiting to be on the cards.

Its amazing how you value money you have saved yourself far differently from that thrown at you by your folks. They are happy to take a punt with someone elses money. I'm happy to keep saving instead and just have an even larger deposit to put down against an even cheaper house!

Spot on with that, a couple of my friends are going Barratt, new build, 385-395k. First time buyers, haven’t had to save but are still stretching themselves – I have tried talking them down but they need to do it now as my mate is about to go self employed in trade recycling. Perhaps a hint that they shouldn’t be doing it! The development is awful as well just houses everywhere, even in the 90’s they used to give houses a bit of space on new developments.

The worse thing is that as it was a late 07 development loads of people will already be in negative equity and if you then get a forced sale it starts a domino cascade effect on the original rip off prices.

You have to be given money to chuck it away (much akin to the consumer credit boom), if you earn it you value it. I have felt jealous in the past of this but it has the effect of making people too casual and flippant with their decisions, ok in a housing bubble but potentially ruinous in a HPC.

Though this bank of mum and dad is surely nearing its end. A lot of older folk have had the shares shat on, equity in their house diminishing and their pension vanishing.

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http://news.sky.com/skynews/Home/Business/...415289824?f=rss

Mortgage lending fell to an eight-year low in April despite further signs that activity in the housing market has stabilised, new figures show.

...

Net lending by the major banks totalled just £2.7bn during the month, the lowest figure since March 2001, the British Bankers' Association said.

The figure was well down on the revised £3.4bn lent in March.

The number of mortgages approved for home purchase edged up slightly on the month before, but was still 15.5% down on the previous year.

The BBA said mortgages to buy homes stood at a seasonally adjusted 27,685 compared with 26,671 in March.

...

The value of all mortgages granted fell slightly to £7.2bn during the month, despite the rise in house purchase approvals.

winesmiley.gif indeed.

Edited by dazednconfused

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so where is US now? prices still falling,indeed falling to levels where cash buyers could make up a majority of sales, unemployment increasing, banks still lending, .

we are 6-9 months behind usually.

cash buyers here would be in large numbers here were the average house be around £80K I would guess. and that puts the average price at just about 3 times income and a fair deposit.

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Here's some stats nicked from KON on TFM showing seasonally adjusted approvals over 12 months:

30-Apr-08........55,280

31-May-08.......39,511

30-Jun-08........35,469

31-Jul-08.........33,148

31-Aug-08.......32,349

30-Sep-08.......33,880

31-Oct-08........32,554

30-Nov-08.......27,501

31-Dec-08.......32,509

31-Jan-09........32,285

28-Feb-09.......38,183

31-Mar-09.......40,038

30-Apr-09........43,201

So next month, we'll be YoY + positive.

winesmiley.gif

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Here's some stats nicked from KON on TFM showing seasonally adjusted approvals over 12 months:

30-Apr-08........55,280

31-May-08.......39,511

30-Jun-08........35,469

31-Jul-08.........33,148

31-Aug-08.......32,349

30-Sep-08.......33,880

31-Oct-08........32,554

30-Nov-08.......27,501

31-Dec-08.......32,509

31-Jan-09........32,285

28-Feb-09.......38,183

31-Mar-09.......40,038

30-Apr-09........43,201

So next month, we'll be YoY + positive.

winesmiley.gif

http://www.housepricecrash.co.uk/forum/ind...howtopic=116035

What a complete twit you are..... its 55% YoY negative if you bothered to do your research.

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Surely you don't SA YoY and will prices continue downwards as well ?.

Of course not. You only SA adjust monthly to see which direction we're going.

And we're up 56% since November ~ that's seasonally adjusted and shows clearly how far we're off the lows.

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