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Mortgage Lending 'jumps' To 45,000 For June 09

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http://news.bbc.co.uk/1/hi/business/8174031.stm

In the savings market in June, building societies saw customers withdraw £2.2bn more than they put in in June, compared with depositing £419m more than they took out last June.

Bank of Mum and Dad at work?

Also falling savings would suggest reducing mortgage availability. Where do people think mortgage money comes from, now that the MBS market is closed?

Edited by HostPaul TAFKA Rover2000

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Surprisingly low, once the Autum bounce arrives id expect these figures to be much higher.

Autumn bounce?

Please explain why and how there will be an 'Autumn bounce'...

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Well, all credit to the government and Bank of England. Thanks to their diligent and wise action the biggest bubble in history leading to the biggest financial crisis in history has caused the shortest housing bust in history. Obviously recovery is now well underway.

The problem of boom and bust really has been solved. Now it can be boom and boom. Let the good times roll.

(Warning: this post may contain irony)

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It just keeps getting better!

Happy days.

Indeed - only 40,000 more approvals per month and prices might stabilise!

Dream on...

:lol:

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Indeed - only 40,000 more approvals per month and prices might stabilise!

Dream on...

:lol:

:lol:

In other news, if I buy 10 more tickets, I might win the Euromillions jackpot on Friday night.

I Dream on...

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Indeed - only 40,000 more approvals per month and prices might stabilise!

Recovery has to start somewhere. Green shoots - they clue's in the name.

Once everyone comes back from their summer hols the market will pick up a bit more with everyone scrambling to get on the ladder as prices rise.

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:lol:

In other news, if I buy 10 more tickets, I might win the Euromillions jackpot on Friday night.

I Dream on...

If you want to extend the metaphor to cover what is actually going on, you could spend £76,275,360 on EuroMillions tickets and win not much more than £50m at best.

QE at its finest really.

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Surprisingly low, once the Autum bounce arrives id expect these figures to be much higher.
Recovery has to start somewhere. Green shoots - they clue's in the name.

Once everyone comes back from their summer hols the market will pick up a bit more with everyone scrambling to get on the ladder as prices rise.

:rolleyes:

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I read this data as saying mortgage approves are 6% lower in June 2009 than they were in June 2008. June 2008 was hardly a boom, in fact it was pretty much the period of fastest falling house prices the country has ever seen. Lending is even lower now!

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Recovery has to start somewhere. Green shoots - they clue's in the name.

Once everyone comes back from their summer hols the market will pick up a bit more with everyone scrambling to get on the ladder as prices rise.

I wonder where the money will come from to fund higher prices? Number of approvals is very different to lending more per applicant. The banks are still lending LESS per applicant not more and requiring HIGHER deposits. That equates to LOWER prices.

The number of approvals rising is to be welcomed by bears and bulls alike as the totally disfunctional market we currently have doesn't serve anyone's purposes. We need more properties to come on the market to make it more liquid. Increased liquidity will cause prices to fall again.

The crash continues...

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New data from the Council of Mortgage Lenders shows further signs of stabilisation in the mortgage market, but transactions are still weak on a historic basis. Lending for house purchase and remortgaging both increased in June, albeit from very low levels.

Doesnt look too great to me?

Throw a few hundred billion at the problem and the mortgage market stabilises :blink:

Trouble is that all needs to be paid for in interest and principle, starting next year ;)

I can see how the market stabilises, i just cant see how it returns to the "normal" of the earlier parts of the decade

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everyone scrambling to get on the ladder as prices rise.

Sounds like something from Dante.

I do like your considered analysis though. Presumably it will be all the people who feel safe in their jobs who scramble to get on that very important ladder......

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Recovery has to start somewhere. Green shoots - they clue's in the name.

Once everyone comes back from their summer hols the market will pick up a bit more with everyone scrambling to get on the ladder as prices rise.

:lol:

Classic trolling.

Write inflammatory, provocative rubbish with no stats or links to back it up, stand well back and wait for bears to react angrily without replying.

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Guest DissipatedYouthIsValuable
Surprisingly low, once the Autum bounce arrives id expect these figures to be much higher.

Yeah, I hate looking at houses in the summer, there's just not enough ambience to see the true character of a home until it's framed by a cold wind, overcast sky and footslipping piles of leaflitter. Makes me compulsively finger my bursting wallet.

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Yeah, I hate looking at houses in the summer, there's just not enough ambience to see the true character of a home until it's framed by a cold wind, overcast sky and footslipping piles of leaflitter. Makes me compulsively finger my bursting wallet.

;)

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Recovery has to start somewhere. Green shoots - they clue's in the name.

Once everyone comes back from their winter-easter-summer hols the market will pick up a bit more with everyone scrambling to get on the ladder as prices rise.

Desparation setting in me thinks :rolleyes:

Edited by Young Goat

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We need more properties to come on the market to make it more liquid. Increased liquidity will cause prices to fall again.

The crash continues...

Good job the house builders have been busy for the last year and half then... oh wait.

Demand rises as do the prices...

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