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Uk Mortgage Approvals Down 6 Pct Y/y In July - Bba

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A related article on Ananova nearly caused my head to explode....


Mortgage approvals for home purchases fell 6% in July.

However, that was at a much slower rate than in previous months.

Approvals - the number of loans agreed but not yet made - fell to 65,611 in July from a 12-month high of 70,750 in June, said the British Bankers' Association.

Hold it! You just said the 12 month high was in June - How can a fall of 6% be "[falling] at a much slower rate than in previous months" when this was the first month after a peak?

That compared with a 20.4% annual fall over the year, seen in June.

But you just said June was a 12-month high - now you're saying approvals have been falling over the last year.

I call shenanigans! :D

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Similar story on our friends in the beeb


But the rate of decline was the lowest in a year, indicating that the market could be stabilising.

"The question now is if July marks a new weak trend or whether it was just a blip," said Philip Shaw, economist at Investec.

They seem to forget the fact the recent major declines started in July 2004 when approvals fell off a cliff ~20%, the fact that things are still falling yoy is very encouraging from a bear's stance.

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Aye, the number of approvals is slightly down, but the value of those approvals is up from a year ago by 9%. i.e £800m higher than a year ago.

Now, being sensible, I'm not going to make any judgements at this early stage, but just point out that this could mean that more money than a year ago could be just about to enter the market.

Mmmm, so more money entering the market, doesn't that cause inflation !!!!!!!!!!!

Go on then you mentalist bears, smack me down !

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when are these thick bastards going to realise houses are just to EXPENSIVE???!!!111 :angry:

<chris tucker>Can you understand the words that are comin' outta my mouth??</chris tucker>

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So basically now after 12 months of sharp year on year falls, the rate of yoy fall is now recovering (but still negative).

I wonder how many journalists will work out why!

YUP,this is exactly the kind of thing to expect from HP fall stats when it happens,it's just blatant spin!!!!!!

when people get bored with hearing that it's down x% from last year....which is an arbitary figure that doesn't change over 2 years or so,they will get bored of hearing the same thing repeated and switch off....it doesn't mean the crash ain't going on,just that people have got bored with hearing about it......I think that is probably "soft landing"

...If however,they were to report MOM falls in conjunction with how much off the peak price the property was,I guess you could see panic(and possibly the buy signal for the pro's to get back in if the media announced it....call me cynical but I think it's within the bounds of possibility when the last dregs need flushing out!)

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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