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Realistbear

Sky: Mortgage Lending Down 5% In November

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http://uk.finance.yahoo.com/news/Mortgage-Lending-Down-5-In-skynews-3338862143.html?x=0

Sky News 2010, 9:55, Monday 20 December 2010

Mortgage lending has fallen 5%* in November (Berlin: NBXB.BE - news) from the previous month, says Counsel (CXS.TO - news) of Mortgage Lenders (CML)
Just over £11bn was loaned out for mortgages in November, down from £11.6bn in October.
This represents the slowest pace of growth since November 2000 and the fifth consecutive month during which total advances were at the lowest level for a decade.
The year on year figure for November showed a drop of 10% from £12.3bn in November 2009.

More mist for the grill.

________________________

*On the other hand...................

9:48, Monday 20 December 2010
LONDON (
Reuters
) - Major banks approved 45,000 loans for home purchase in November (Berlin: NBXB.BE - news) , up from 44,000 in October, and net mortgage lending also picked up, the Bank of England's latest Trends in Lending survey showed on Monday. Despite the modest improvement in mortgage approvals, the figures still point to sluggish activity in the housing market and are well below their historic levels.
The BoE said net mortgage lending rose to 1.3 billion pounds last month from 1.1 billion pounds in October, but is still one of the lowest readings in the last two years.
Edited by Realistbear

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9:42, Monday 20 December 2010
LONDON (
Reuters
) - Gross mortgage lending fell 10 percent on the year to 11.1 billion pounds in November (Berlin: NBXB.BE - news) , the lowest figure for a month of November since 2000, the Council of Mortgage Lenders said on Monday. However, the CML said last year's figure may have been elevated by a tax concession for home purchases that expired at the end of 2009.
"The fall in gross mortgage lending in November reflects the usual seasonal slowing of activity at this time of year, and reinforces the picture of a
continuing flat market," said CML chief economist Bob
Pannell.

Some bit rise and some bits fall--all quite a muddle really.

Bob's reasoning is weird though. If lending is falling the market cannot be flat. Flat means no change MoM, YoY etc. Bob might not really be an economist I suppose.

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http://uk.finance.yahoo.com/news/Mortgage-Lending-Down-5-In-skynews-3338862143.html?x=0

Sky News 2010, 9:55, Monday 20 December 2010

Mortgage lending has fallen 5%* in November (Berlin: NBXB.BE - news) from the previous month, says Counsel (CXS.TO - news) of Mortgage Lenders (CML)
Just over £11bn was loaned out for mortgages in November, down from £11.6bn in October.
This represents the slowest pace of growth since November 2000 and the fifth consecutive month during which total advances were at the lowest level for a decade.
The year on year figure for November showed a drop of 10% from £12.3bn in November 2009.

More mist for the grill.

No, you're wrong. The Guardian says that 'property professionals defy data to remain confident', see.

http://www.guardian.co.uk/money/blog/2010/dec/20/property-professionals-defy-data

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9:42, Monday 20 December 2010
LONDON (
Reuters
) - Gross mortgage lending fell 10 percent on the year to 11.1 billion pounds in November (Berlin: NBXB.BE - news) , the lowest figure for a month of November since 2000, the Council of Mortgage Lenders said on Monday. However, the CML said last year's figure may have been elevated by a tax concession for home purchases that expired at the end of 2009.
"The fall in gross mortgage lending in November reflects the usual seasonal slowing of activity at this time of year, and reinforces the picture of a
continuing flat market," said CML chief economist Bob
Pannell.

Some bit rise and some bits fall--all quite a muddle really.

Bob's reasoning is weird though. If lending is falling the market cannot be flat. Flat means no change MoM, YoY etc. Bob might not really be an economist I suppose.

Bob means flat in the seasonally adjusted going down hill steeper than a black run sense :lol:

I suspect he may have been talking volume rather than value.

I suspect there has been a poor comparison between volumes the latest estimated figure and the update actual figure from the month before (the actual is ususally lower than the estimate by~2k in non quarter months). SO Bob probably know it will turn out no change

What is really interesting though is that the average loan was ~245k in November down from ~260k in october, looks like a bit of a change in lending policies from someone.

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Bob Pannell, CML chief economist, says the November figures reflect the usual seasonal slowing of activity at this time of year, but it "reinforces the picture of a continuing flat market".

Sounds like Bob's having a Toupee Cliff moment.

Edited by billybong

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  • 284 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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