Oliver Sutton Posted August 19, 2010 Share Posted August 19, 2010 (edited) Can't find exact figures Lending to UK firms falls, mortgage approvals slip Lending to UK businesses fell for a fourth consecutive month in June and mortgage approvals hit their lowest in more than a year in July, data from the Bank of England showed on Thursday. Separate figures from the central bank showed broad money supply growth slowed to its weakest annual rate on record in July. The Bank's Trends in Lending report showed the net monthly flow of lending to UK businesses contracted by 3.5 billion pounds in June, after May's 2.2 billion pound drop. The annual rate of decline held steady at 8.1 percent. Mortgage approvals for house purchase made by Britain's six biggest lenders -- Santander, Barclays, HSBC, Lloyds, Nationwide and RBS -- dropped to 47,000 in July from 48,000 in June, its lowest since May 2009. Still, a nice jump in retail sales (up 1.1%). Edited August 19, 2010 by barry Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted August 19, 2010 Share Posted August 19, 2010 These are gross approvals from the major lenders, and not net of cancellations. The corresponding figure for July last year was 54,000 (vs 47,000 this year). The mortgage market continues to weaken. Last year approvals were growing throughout the Summer and Autumn. Quote Link to comment Share on other sites More sharing options...
deflation Posted August 19, 2010 Share Posted August 19, 2010 The CML are reporting it as a 5% rise on last month. I presume the amount lent per mortgage must have increased again, Quote Link to comment Share on other sites More sharing options...
Pent Up Posted August 19, 2010 Share Posted August 19, 2010 Can't find exact figures These are preliminary figures from the BOE. Seasonally adjusted and spot on forecast. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted August 19, 2010 Share Posted August 19, 2010 These are gross approvals from the major lenders, and not net of cancellations. The corresponding figure for July last year was 54,000 (vs 47,000 this year). The mortgage market continues to weaken. Last year approvals were growing throughout the Summer and Autumn. What's was last months final approval figure compared to the preliminary? Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted August 19, 2010 Share Posted August 19, 2010 What's was last months final approval figure compared to the preliminary? The final BoE approvals figure was 47,643 vs the 48,000 Trends in Lending number. However, bear in mind that although the two numbers are usually quite close, they are measuring different things. The final BoE figure is approvals from all lenders, net of cancellations, whereas today’s number is gross approvals from six major lenders and doesn’t take into account cancellations. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 19, 2010 Share Posted August 19, 2010 1 GBP =Inverse: 1.56351 BNIG 100bp bounce for the pound--but on which news? More debt or less of it? Usually more debt (more lending) is a buy signal for the pound as debt is still an asset until Brown's books can be straightened out. Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted August 19, 2010 Author Share Posted August 19, 2010 (edited) The final BoE approvals figure was 47,643 vs the 48,000 Trends in Lending number. However, bear in mind that although the two numbers are usually quite close, they are measuring different things. The final BoE figure is approvals from all lenders, net of cancellations, whereas today’s number is gross approvals from six major lenders and doesn’t take into account cancellations. So it's an even bigger drop - last month's equivalent figure was 51,000. Mortgage approvals up Edited August 19, 2010 by barry Quote Link to comment Share on other sites More sharing options...
Kyoto Posted August 19, 2010 Share Posted August 19, 2010 The CML are reporting it as a 5% rise on last month. I presume the amount lent per mortgage must have increased again, This is a really telling statistic. Less loans of greater value obviously indicates that it's only the larger and more desirable properties that are moving. Very bearish indeed for FTB properties and those outside of the South East. Quote Link to comment Share on other sites More sharing options...
exiges Posted August 19, 2010 Share Posted August 19, 2010 BBC are shouting "mortgage lending is up" on most radio stations today. I don't think they want to confuse the people with the fact it's down YoY Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 19, 2010 Share Posted August 19, 2010 This is a really telling statistic. Less loans of greater value obviously indicates that it's only the larger and more desirable properties that are moving. Very bearish indeed for FTB properties and those outside of the South East. WRONG. It indicates that with tough new salary checks, and tight lending criteria, that only those on high salaries are borrowing. They must lurve those £160K 35M2 properties to spread out in on their £50K salaries. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 19, 2010 Share Posted August 19, 2010 1 GBP =Inverse: 1.56351 BNIG 100bp bounce for the pound--but on which news? More debt or less of it? Usually more debt (more lending) is a buy signal for the pound as debt is still an asset until Brown's books can be straightened out. The news is that the mathematics of the Ponzi have yet to fail here in the UK. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted August 19, 2010 Share Posted August 19, 2010 BBC are shouting "mortgage lending is up" on most radio stations today. I don't think they want to confuse the people with the fact it's down YoY Strange, when the report house price figure they always give you the YoY figure.... Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted August 19, 2010 Share Posted August 19, 2010 The news is that the mathematics of the Ponzi have yet to fail here in the UK. House prices only ever go up in the UK thanks to every loon and his mother believing that house prices only ever go up in the UK. Is that Mr Reality I hear knocking at the door? Quote Link to comment Share on other sites More sharing options...
winkie Posted August 19, 2010 Share Posted August 19, 2010 House prices only ever go up in the UK thanks to every loon and his mother believing that house prices only ever go up in the UK. Is that Mr Reality I hear knocking at the door? Would you believe it just talking to someone, they have made an offer on a house £10k below asking with a large deposit to put down....the valuation came back £20k below the offered price...so they went back to the vendor to offer the lenders surveyors valuation price, what it is worth.......start of things to come. Quote Link to comment Share on other sites More sharing options...
Pauly_Boy Posted August 20, 2010 Share Posted August 20, 2010 I've noticed the Media have been comparing Gross lending figures rather than the net figures and the number of approvals. Hopefully this is a blip as the media has been on our side recently Quote Link to comment Share on other sites More sharing options...
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