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ScaredEitherWay

Those Green Shoots Were Tumbleweed

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Yesterday brought more claimed sightings of green shoots in the devastated housing market. To me, they still look more like weeds on a deserted building site.

Mortgage approvals in April were up 8 per cent on March, according to the Bank of England. But they were still down 21.9 per cent on last year and some sort of increase was only to be expected as the spring buying season started.

The mortgage figures followed last week’s Nationwide housing index, which showed prices up 1.2 per cent in May, the second rise in three months.

Halifax is yet to release its index and, while analysts expect it to show a fall, it is forecast to be much less steep than the 1.7 per cent registered in April.

Figures from the Land Registry, which record actual transactions, showed a fall in prices of only 0.3 per cent in April, the smallest monthly drop in nearly a year.

These figures and the generally more upbeat nature of media comment about the economy and the housing market in recent weeks appear to have affected price expectations among potential house purchasers. This could be an important driver of recovery, as many would-be buyers are waiting for the bottom.

But it would be no surprise to see another lurch down in the coming months. There are often false bottoms in house price cycles and the data is unreliable, given the extremely low level of transactions.

There has been excitable talk of the return of gazumping, but this is very much focused at the top of the market, where there has certainly been renewed interest from buyers, particularly from overseas.

Although a broad recovery in house prices could start before unemployment stops rising, it will not happen without improved availability of mortgages, which are still extremely hard to get without a large deposit.

The present level of mortgage approvals is still well below the numbers associated with previous recoveries in house prices.

On most measures of affordability, house prices still have further to fall to reach their long-term average. And the odds must still be on them overshooting on the way down.

http://business.timesonline.co.uk/tol/busi...icle6419003.ece

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Did you hear the one about the gay smuggler?

Customs arrested him after they found a false bottom in his suitcase.

eve.jpg

post-5383-1243981061_thumb.jpg

Edited by daiking

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Those that needed or wanted to buy this year have either completed or have there sales going through , and now everything is now in place for the next leg down ........

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Those that needed or wanted to buy this year have either completed or have there sales going through , and now everything is now in place for the next leg down ........

The Times just slipped this bit in so they can point to being right, in future.

Don't tell them about Google cache.

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Although a broad recovery in house prices could start before unemployment stops rising, it will not happen without improved availability of mortgages, which are still extremely hard to get without a large deposit.

Oh dear...... Best not tell them about the ongoing recovery in the mortgage market then......... :lol:

LTV's improving, liquidity increasing, bank margins declining, lending criteria loosening.......

http://www.housepricecrash.co.uk/forum/ind...howtopic=116098

:lol:

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Oh dear...... Best not tell them about the ongoing recovery in the mortgage market then......... :lol:

LTV's improving, liquidity increasing, bank margins declining, lending criteria loosening.......

http://www.housepricecrash.co.uk/forum/ind...howtopic=116098

:lol:

Hamish, that link is for a deal that is only available to people with a 75% LTV and there is a grand fee on top! Just how can that be considered, LTV's improving, lending criteria loosening etc? If things are improving why not offer 90% or 95% LTV on the deal?

What's the real deal with yourself? It seems to me you look for any signs of things improving no matter how shallow and label it as better then the second coming of Christ while simultaneously any bad news posted you ignore like the plague! You have to have a VI somewhere imo so why not set the record straight and tell us what your agenda really is? You are doing yourself no favours acting like you do, you just make yourself appear as another crackpot on this site.

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Hamish, that link is for a deal that is only available to people with a 75% LTV and there is a grand fee on top! Just how can that be considered, LTV's improving, lending criteria loosening etc? If things are improving why not offer 90% or 95% LTV on the deal?

:rolleyes:

From the article.....

with experts saying lenders are beginning to loosen their lending criteria amid falls in the cost of wholesale funding to their customers.

Darren Cook, of personal finance website Moneyfacts.co.uk, said: "Lenders are getting down to business and we are getting competition back in the mortgage market."

The number of different mortgages available for people with only a 10 per cent deposit has risen to 77 from 71 during May, according to Moneyfacts.

It said there are now six deals for people with a deposit of just 5 per cent, up from five at the beginning of the month.

From the thread......

how about the same LTV at 2.99 FIXED with First Direct, or 90% LTV at 4.99 FIXED................

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'Excitable talk of gazumping' :huh:

ooh can' wait for the return of that - can feel the anticipation in the air already!

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After the way some of you have been about this recession. I really hope one day you get gazumped on a property.

You richly deserve it.

I just know that Eric Prebble will apply for a liar loan one day as well.

he he he :lol:

I bet he fills in the liar loan form using big coloured letters

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After the way some of you have been about this recession. I really hope one day you get gazumped on a property.

Not likely with all the cash we have stashed Sibbers.

Anyway, what recesson? Your mates run out of beer then?

Edited by chute

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