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Soft Mortgage Data Point To Housing Market Weakness

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Soft mortgage data point to housing market weakness

Fiona Shaikh and Matt Falloon, 12:22, Thursday 29 July 2010
LONDON (Reuters) -
Mortgage approvals fell more than expected in June
and overall lending stalled, Bank of England figures showed on Thursday, suggesting the housing market will continue to soften in the coming months.
The central bank said mortgage approvals -- a gauge of house prices around six months down the line -- numbered 47,643 in June, falling from a downwardly revised 49,461 in May and below forecasts for a reading of 49,000.
Net mortgage lending growth eased to 665 million pounds in June from May's downwardly revised 838 million pounds, below forecasts for a 1.0 billion pound rise.
The figures support recent evidence which indicates the housing market is running out of steam after strong house price rises last year, and come after mortgage lender Nationwide reported a 0.5 percent drop in house prices this month.
Nationwide blamed July's dip on concerns about government spending cuts and tax rises, which are likely to have a huge impact on Britons' household budgets.

So its all coming to tears to a degree that represents something above beyond what was expected. What fools.

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Net mortgage lending growth eased to 665 million pounds in June from May's downwardly revised 838 million pounds, below forecasts for a 1.0 billion pound rise

How very generous of the banks when they are due to reimburse the BoE by around £400billion in the next couple of years. I wonder how the BoE is going to be paid back?

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This will not please Vince as he wants the banks out there creating more debt for people.

As goes HPI so goes the economy.

Debt is wealth, the more you have the richer you'll be (in the fantasy future your children pay for).

It's all very interesting watching the Pound notch up day after day as the UK tries to pretend it's has a real economy based on something other than selling piles of bricks to each other for ever increasing sums.

Not long now before QE-II fires back up to maintain all this fantasy growth...

Edited by MrFlibble
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  • 439 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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