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Latest Cml Figures Up 7%

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Funny the CMLs website latest:

http://www.cml.org.uk/cml/home

July sees continuing subdued mortgage market
13 Sep 10 | Demand for mortgages in July continued to be weak in what is traditionally a strong month.

Edit: I thought traditionally there was a summer lull???

Edited by Pent Up

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Approvals...that when MSE says to make multiple applications to get your mortgage.

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Funny the CMLs website latest:

http://www.cml.org.uk/cml/home

July sees continuing subdued mortgage market
13 Sep 10 | Demand for mortgages in July continued to be weak in what is traditionally a strong month.

Edit: I thought traditionally there was a summer lull???

More significant quotes buried at the end of the report (the slow death of IO)

"The take-up of full repayment products has remained high for a year. In July, 90% of first-time buyers took out a repayment mortgage, compared to July 2007, before the credit crunch, when only 67% did. 72% of home movers and 70% of those remortgaging also chose a full repayment mortgage in July this year.

CML economist Paul Samter said:

"The increase in the prevalence of repayment mortgages is likely in part to reflect the anticipation of regulatory changes by the Financial Services Authority to limit the availability of interest-only mortgages.

"More generally, lending criteria remain tight, underpinned by caution on the part of both borrowers and lenders in the light of continuing economic uncertainty.""

Edited by koala_bear

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From the CML press release 14 Sep 2009:

cml140909.gif

From today's press release:

cml130910.gif

So, last year's number revised down from 56,000 to 53,000, and now a healthy 6% year-on-year increase. smile.gif

Well spotted. We get endless statistical bolleaux from the VIs - it's a shame they can't be legally challenged. If it was shares they were talking about they'd be banged up.

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So, last year’s number revised down from 56,000 to 53,000, and now a healthy 6% year-on-year increase. :)

An excellent spot, FT.

Well spotted. We get endless statistical bolleaux from the VIs - it's a shame they can't be legally challenged. If it was shares they were talking about they'd be banged up.

Given a knighthood, more likely.

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You couldn't make it up! Good find, but of course the media will ignore it :angry:

they got the idea from governments,,,GDP figures unadj are compared with previously adj figures...if the change is the right way that is. US GDP and employment is often skewed this way.

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Well spotted. We get endless statistical bolleaux from the VIs - it's a shame they can't be legally challenged. If it was shares they were talking about they'd be banged up.

How did they get revised down as I though this was mortgages where the cash was actually handed over not just granted in principle?

3,000 fraudulent applications? If so how come they got that far?

3,000 very very last minute chains falling through?

or can the firms simply not count how many people they handed over the dosh to in a month with in 5 weeks of that month ending - it is pretty simple (this was several months after Nationwide took over Dunfermline so there shouldn't have been big one off issues, the numebr sound too small to be caused by the problems at Chelsea at the time)

or are they just altering the figures to suit their needs at the time then revising them when no one is looking?

Any answers?

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How did they get revised down as I though this was mortgages where the cash was actually handed over not just granted in principle?

3,000 fraudulent applications? If so how come they got that far?

3,000 very very last minute chains falling through?

or can the firms simply not count how many people they handed over the dosh to in a month with in 5 weeks of that month ending - it is pretty simple (this was several months after Nationwide took over Dunfermline so there shouldn't have been big one off issues, the numebr sound too small to be caused by the problems at Chelsea at the time)

or are they just altering the figures to suit their needs at the time then revising them when no one is looking?

Any answers?

I dunno I keep banging on about APPROVALS, VIs keep banging on about how these ARE mortgages, yet we see last year, 6% never were.

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From the CML press release 14 Sep 2009:

cml140909.gif

From today's press release:

cml130910.gif

So, last year’s number revised down from 56,000 to 53,000, and now a healthy 6% year-on-year increase. :)

Indeed and it was discussed here back in March. cooling the past is a well known trick to get rid of inconvenient coolness in the current financial temperature. But I am sure it is not deliberate. :)

CML feb Figures (and previous years)

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I dunno I keep banging on about APPROVALS, VIs keep banging on about how these ARE mortgages, yet we see last year, 6% never were.

From the footnotes:

3. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender. Please see the mortgage statistics timeline on our website for further information.

But if the CML figures are loans actually made, how on earth can they overcount by 3000?

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  • 245 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% +
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      • Even
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      • up 5%



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