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Bba Loans For House Purchase (august) 38065

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so lets get this st8, approvals dropped in August compared to July but if you read the Reuters link then this is made out to be a great acheivement on last year.

To88ers

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80% up on last year .... is that correct?

Still seems very low to me. Shouldn't it be 60-80k?

80% up YOY but down MOM - not sure by how much [bBC describes it as a "dip... after months of rises "]

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80% up YOY but down MOM - not sure by how much [bBC describes it as a "dip... after months of rises "]

down from a revised 38186 in July - not a huge drop, in all fairness

Edited by VoteWithYourFeet

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On Tuesday, HM Revenue and Customs (HMRC) said that the number of homes actually sold in August - 83,000 - was 4,000 fewer than in July, the first drop this year.

Ah..the bit that counts. Height of summer and all...

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so lets get this st8, approvals dropped in August compared to July but if you read the Reuters link then this is made out to be a great acheivement on last year.

To88ers

And the MMM seems to have run with that take. It's the same message; "Yippee! We're not dead! This time last year we were in a coma, now we're just crippled, let's PARTY and get back to drunken scaffold climbing!"

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The 'stock' of cash buyers has been depleted now so I think that effect will prove to be short lived.

Says who? Where is the evidence that cash buyers are in short supply. If anything it looks remarkably consistent.

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Says who? Where is the evidence that cash buyers are in short supply. If anything it looks remarkably consistent.

Finite supply.

Depleting they are.

Short a relative term is.

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Has anybody got the time to see if the last MoM increase was headlined as an MoM or a YoY?

p-o-p

This looks like it, and yes they do give the monthly figure first. Neither in headline though.

http://news.bbc.co.uk/1/hi/business/8219710.stm

Steady rise in mortgage approvals

The BBA reports figures for the major High Street banks

The number of mortgages approved for house purchases by the major High Street banks has risen to a 17-month high, figures show.

The British Bankers' Association (BBA) said approvals in July stood at 38,181, a rise of 7.4% compared with June and 77% higher than a year ago.

The data suggests the rise in activity and prices could stretch into autumn.

However, the BBA warned that new lending was below seasonal expectations despite greater demand from borrowers.

...continues...

Edit to add: I am shocked at the selective reporting and have written to complain. Will post reply here!

Edited by Farjer

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I've also complained:

Hi News Website Feedback

I'm shocked at your reporting of this month's BBA Mortgage Approvals. Your headline:

'Mortgage approvals up 81% in year'

is just poached from the Reuters news release:

http://uk.reuters.com/article/idUKTRE58M1DI20090923

I don't mind that so much (I've worked in a newsroom before and know how these things work), it's rather that there has been a *drop* this month, against market expectations of a rise:

http://www.forexfactory.com/calendar.php

and yet you highlight the positive *annual* change. This is made worse by the fact that when you reported this story last month, you reported on the monthly change:

http://news.bbc.co.uk/1/hi/business/8219710.stm

Can you please explain the editorial stance on this? Is it 'report on monthly change if it's positive but annual figures if it the monthly change is negative'?

Kind regards

Peter

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And, obviously, the annual YoY is actually 75.71% (not 81.4%) because they should use the NSA numbers for this, not the SA ones. :o

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Says who? Where is the evidence that cash buyers are in short supply. If anything it looks remarkably consistent.

with the way the BoE minutes show how bankers think...cash buyers may well be banks themselves....this keeps prices up, therefore their assets hold and increase value, they are saved.

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80% up YOY but down MOM - not sure by how much [bBC describes it as a "dip... after months of rises "]

BBC just said on the telly lending up 46% compared to the previous month., and 17% better than last August ( from the BBA).

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I've also complained:

Hi News Website Feedback

I'm shocked at your reporting of this month's BBA Mortgage Approvals. Your headline:

'Mortgage approvals up 81% in year'

is just poached from the Reuters news release:

http://uk.reuters.com/article/idUKTRE58M1DI20090923

I don't mind that so much (I've worked in a newsroom before and know how these things work), it's rather that there has been a *drop* this month, against market expectations of a rise:

http://www.forexfactory.com/calendar.php

and yet you highlight the positive *annual* change. This is made worse by the fact that when you reported this story last month, you reported on the monthly change:

http://news.bbc.co.uk/1/hi/business/8219710.stm

Can you please explain the editorial stance on this? Is it 'report on monthly change if it's positive but annual figures if it the monthly change is negative'?

Kind regards

Peter

Well done. I can't believe they are leading on '81% Up'. What a selective, and biased, ways to look at the figures.

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Update: Had a (very reasonable) response from the Beeb. Any thoughts on what I could say in reply...?

Dear Peter

Many thanks for your e-mail.

You make a valid point: various figures could be chosen to lead the

story on mortgage data from the BBA.

In general, we consider each new publication of data separately,

choosing what we consider to be the relevant facts and the issues or

figures that will be of interest to our readers.

In this case, the annual figure (81%) was a notable jump and interesting

enough to lead the story. However, the BBA's caveat - that this figure

was, in part, a consequence of the state of the mortgage market a year

ago - is made extremely prominently in the story i.e. the second

paragraph.

The month-on-month change is covered in the third paragraph.

There was wide discussion in the BBC business unit about these figures,

and we welcome the input from readers.

I can assure you that we receive the data directly from the BBA and use

it to produce our own report, without reference to any Reuters news

release. The same is true of all housing data we report.

Regards

Tim Weber

Business editor

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