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HAMISH_MCTAVISH

Band Of England Mortgage Approvals June

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Previous 43.2K

Actual 43.4K

Lending for new purchase increased by 324 million to 5.4 billion from 5.1 billion the previous month, and is now 1.2% higher than it was a year ago.

Edited by HAMISH_MCTAVISH

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Previous 43K

Actual 43K

Peak of the spring bounce ....................

the majority of those that wanted or needed to buy have now bought , everything in place now for the next leg down :D

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Now, if we add this to the graph, can you guess from the shape of the curve what is going to happen next month? C'mon, it's not rocket science....

I need pictures.

Find me a graph!

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woo, set the controls for the heart of the sun...

quick, move to off-topic before Rinoa Wider comes along flashing his wine drinking smiley smiley!

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Lending for new purchase increased by 324 million to 5.4 billion from 5.1 billion the previous month, and is now 1.2% higher than it was a year ago.

Is that the first month new purchase lending has been up YoY? (even if its not by much?

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I need pictures.

Find me a graph!

I thought it was guys who were into the visual stimulation, and gals into the sweet nothings?

Sorry to take this thread down in tone, but it really doesnt deserve taking seriously.

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I thought it was guys who were into the visual stimulation, and gals into the sweet nothings?

Sorry to take this thread down in tone, but it really doesnt deserve taking seriously.

ha de har.

I want to see how someone extrapolates from two virtually identical points .. there's at least 3 major options. The same, up or down.

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ha de har.

I want to see how someone extrapolates from two virtually identical points .. there's at least 3 major options. The same, up or down.

Point taken, however:

I cant be bothered to look out a graph (and as you say, anything COULD happen), but if I can paint a picture with words about what I think is likely to happen:

The numbers went down, down, down, then they bumbled a long for a bit, then they went up for a little while, then they stopped going up and levelled off. Now, as you say, they could do one of 3 things next, but, as peak buying season has passed, I think we're probably going to see an S that has fallen on it's face rather than a U with a funny ledge half way up it's right hand side.

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Approvals now consolidating at a level commensurate with stable prices.

Net lending may be down, but how does that affect anything?

Lending for house purchase is up.

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Approvals now consolidating at a level commensurate with stable prices.

50k is currently the predicted stable price level, not 43k.

kq_may2009.png

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Previous 43.2K

Actual 43.4K

Lending for new purchase increased by 324 million to 5.4 billion from 5.1 billion the previous month, and is now 1.2% higher than it was a year ago.

Thats odd. With an increase in sales, you would have expected this figure to jump. Who's buying then?

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Thats odd. With an increase in sales, you would have expected this figure to jump. Who's buying then?

People with cash ("equity-rich buyers"). This isn't so much a "Spring bounce", rather a Spring bouncelet. :P

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Thats odd. With an increase in sales, you would have expected this figure to jump. Who's buying then?

Depends how paranoid you are.

Investment buyers.

Old folk.

Bank of Mum and Dad.

STRs.

Bankers.

The Chinese.

Labour MPs.

A sudden and unexplained huge increase in the number of lottery winners.

Only joking.

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Why is that a problem?

Did Bruno do your new avatar?

*thinks*

Hmm. Are you Bruno?

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Net mortgage lending eased to GBP324 million in May from GBP908 million the previous month, the lowest level since comparable records began in April 1993 and well below economists' expectations of a GBP1.0 billion gain.

Interesting... question is, will it go negative?

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I think this poster is a collection of people - I dont think it is one person. They constantly post facts and figures that supposedly 'prove' that house prices are rising. Not just on this site - do a search on the poster's nick - you will find some quite scathing remark on many other sites.

In context of this particular post, sales are at the lowest since records began. The gap between asking prices and selling prices is growing unsustainably.

I challenge every reader on this site to go to this mortgage wizard and find a lender that is prepared to lend to them: Be honnest with the figures. Find a property on Rightmove that you would like and enter your details.

http://www.mortgagelinked.co.uk/common/factfinder.asp?ID=HSP

For all those 'equity rich' buyers - You will have to take 30% off what you believe is todays value of your property - lenders valuations are coming nowhere near what you think your property is valued at.

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Why is that a problem?

Did I say it was a problem?

Net mortgage lending is the lowest it has ever been since records began in 1993 apparently.

Coupled with a slight rise in approvals, this would indicate that the average loan size continues to contract. I don't see why this should be a problem. The other thing it might indicate is that over indebted borrowers are selling out to cash rich buyers. That would be fine too - a nice bit of deleveraging.

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