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Mortgage Lending To Hit 30-Year Low In 2011 From A £110Bn-A-Year Peak Down To Just £6Bn

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http://www.dailymail.co.uk/news/article-1340365/Mortgage-lending-hit-30-year-low-2011-110bn-year-peak-just-6bn.html

'The mortgage freeze will continue next year, with net lending expected to slump to its lowest level in 30 years, the Council of Mortgage Lenders warned yesterday.

It predicts that net mortgage lending will hit a low of only £6billion, a paltry amount compared with the peak year of 2006 when £110billion was handed out.

The speed of the meltdown is remarkable. In 2008 – the year of the bail-out of the banks – net lending was £40billion, but the situation has got dramatically worse since then.

This year gross lending is expected to be £135billion. In its peak year of 2007 it was, £363billion.

Lord Oakeshott, a Liberal Democrat Treasury spokesman, said banks are abandoning millions of young people who have no hope of buying, even if they have a good job.‘That is deeply divisive and damaging to social mobililty.’'

Thank God the banks are leaving young people alone and not enslaving them to the taxpayer backed APS scheme,where virutally all of their mortgages will end up.

Isn't there a single politician with vision who actually welcomes this development?

As for hosue prices.The lice have been breeding,now they're itching everywhere.The BoE needs to go out and buy some of that shampoo.and lots of it.

Very interesting. More signalling. Now answering the key question: Will the banks lend at the spring housing market? Noooooo. :D

Now, on a very very annoying part of that article:

Lord Oakeshott, a Liberal Democrat Treasury spokesman, said banks are abandoning millions of young people who have no hope of buying, even if they have a good job.

‘There is only one bank left lending at fair rates to first-time buyers without a 25 per cent deposit – the Bank of Mum and Dad,’ he said. ‘That is deeply divisive and damaging to social mobililty.’

Who is this B@stard?! I bet he has a property VI.

.

Edited by Tired of Waiting

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Lord Filledhisboots, another lying Treasury spokesman, said banks are abandoning millions of older people who have no hope of selling their overpriced land on to gullible youngsters.

Parsed through HPC truth filter.

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Can somebody counter this argument I got on the BDEV board (how can new housing be going up in price!?):

Did you wonder why the share price didn't slide yesterday despite the bad news? I can explain it easily... as did the media at the time if you bothered to read anything. The cost of *new* housing is GOING UP, the cost of old housing is falling. Analysts noted too that housebuilders are performing well above the general expectations one would expect from the current market sentiment.

"Yet one website is reporting a rise in the price of new homes, with the average new build costing £220,654 in November, and the number of new homes on the market trebling between September and November. Smartnewhomes.com says this represents a price rise of 4% on October."

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Very interesting. More signalling. Now answering the key question: Will the banks lend at the spring housing market? Noooooo. :D

Now, on a very very annoying part of that article:

Who is this B@stard?! I bet he has a property VI.

.

Lord Oakshott

Register of Interests

1: Directorships

Value and Income Trust plc

Audax Properties plcOLIM Ltd (investment management)

Aubrey Investments Ltd and Gakero Ltd (commercial property investment)

2: Remunerated employment, office, profession etc.

Joint Managing Director, OLIM Ltd (investment managers), a subsidiary of Close Brothers Group plc

4: Shareholdings (B)

Value and Income Trust plc

CF OLIM Unit Trust

In AIL Pension Scheme: Investment Trusts: Aberforth Smaller Companies

In AIL Pension Scheme: Investment Trusts: Law Debenture

In AIL Pension Scheme: Investment Trusts: Scottish Oriental

In AIL Pension Scheme: Investment Trusts: Monks

In AIL Pension Scheme: Investment Trusts: Schroder Income Growth

In AIL Pension Scheme: Investment Trusts: British Empire Securities

In AIL Pension Scheme: Investment Trusts: Smaller Companies Dividend

In AIL Pension Scheme: Investment Trusts: Value and Income

4: Shareholdings (a)

Aubrey Investments Ltd and its subsidiaries (commercial property investment)

5: Land and property

Home in Sussex occupied by mother and sister (no rental income)

10: Non-financial interests (a)

Chairman, Business Advisory Group to Rt Hon Vince Cable MP

10: Non-financial interests (e)

Governor and Member of Council, National Institute of Economic and Social Research

Chairman, Coltstaple Trust (registered charity)

Trustee, Mirror Group Pensioners' Association

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Truly incredible numbers and yet prices still aren't cratering. Market is literally defying gravity at the moment.

Thing is, at some point EA will have no choice but become aggressive and start the cull themselves.

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Parsed through HPC truth filter.

Lord Oakshott Register of Interests

1: Directorships

Value and Income Trust plc

Audax Properties plcOLIM Ltd (investment management)

Aubrey Investments Ltd and Gakero Ltd (commercial property investment)

2: Remunerated employment, office, profession etc.

Joint Managing Director, OLIM Ltd (investment managers), a subsidiary of Close Brothers Group plc

4: Shareholdings (B)

Value and Income Trust plc

CF OLIM Unit Trust

In AIL Pension Scheme: Investment Trusts: Aberforth Smaller Companies

In AIL Pension Scheme: Investment Trusts: Law Debenture

In AIL Pension Scheme: Investment Trusts: Scottish Oriental

In AIL Pension Scheme: Investment Trusts: Monks

In AIL Pension Scheme: Investment Trusts: Schroder Income Growth

In AIL Pension Scheme: Investment Trusts: British Empire Securities

In AIL Pension Scheme: Investment Trusts: Smaller Companies Dividend

In AIL Pension Scheme: Investment Trusts: Value and Income

4: Shareholdings (a)

Aubrey Investments Ltd and its subsidiaries (commercial property investment)

5: Land and property

Home in Sussex occupied by mother and sister (no rental income)

10: Non-financial interests (...)

Lord Oakeshott of Seagrove Bay

Biography

My professional career is investing in commercial property, mainly shops and industrial property, all over the United Kingdom for pension funds, charities and investment trusts. I started my own business in 1986 after being a Director of Warburg Investment Management and running Courtaulds Pension Fund.

http://www.libdems.org.uk/people_detail.aspx?name=Lord_Oakeshott_of_Seagrove_Bay&pPK=447d0084-5a2b-4e44-a821-1abac27a4d42

I like when this site comes together... :)

Now, what can we do with this info? He must be dissuaded from doing this again. And he is too close to the LibDem economic planning circles. He is too dangerous.

Do his LibDem colleagues know about his VI, and his campaigning for it? It is going against the LibDem leadership on this topic (Cable and Clegg).

Besides, what a bliding b@stard! He deserves some retribution.

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Truly incredible numbers and yet prices still aren't cratering. Market is literally defying gravity at the moment.

Sorry people, but the net number is still positive though. Isn't it? By £6bn?

Doesn't that mean that the credit bubble is being kept at a virtually stable size? Even growing a tiny little bit? By £6bn?

Am I missing something here?

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Lord Oakeshott, a Liberal Democrat Treasury spokesman, said banks are abandoning millions of young people who have no hope of buying, even if they have a good job.‘That is deeply divisive and damaging to social mobililty.’'

...does this idiot not realise the days of 'funny money' and 'lend while asleep' are over ..?..Oakeshott (would you call someone 'Lord'?) is an illiterate in personal finance or any finance just like Nuliebour ...did he not see Gordo's bubble blow up followed by his political career....time the Liberals told some of their kind to 'put a sock in it'...must be a VI...... :rolleyes:

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...does this idiot not realise the days of 'funny money' and 'lend while asleep' are over ..?..Oakeshott (would you call someone 'Lord'?) is an illiterate in personal finance or any finance just like Nuliebour ...did he not see Gordo's bubble blow up followed by his political career....time the Liberals told some of their kind to 'put a sock in it'...must be a VI...... :rolleyes:

Take a look at the rest of this thread SL. ;)

Next we must do something about this fecking b@stard.

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Take a look at the rest of this thread SL. ;)

Next we must do something about this fecking b@stard.

...wow...thanks TOW....this is against all morality ...he should not be allowed to make such announcements....the sheeple will be misled....and of course much of the media will love it being VI themselves .... :rolleyes:

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Sorry people, but the net number is still positive though. Isn't it? By £6bn?

Doesn't that mean that the credit bubble is being kept at a virtually stable size? Even growing a tiny little bit? By £6bn?

Am I missing something here?

I agree. If house prices drop significantly, then surely net lending will go negative as new buyers will be getting smaller mortgages whilst people who bought years ago will still be paying larger mortages. Net lending of zero sounds a healthy norm to me. Zero would be significant as a turning point, though.

Now if gross lending was 6bn, that would be more of a story.

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...wow...thanks TOW....this is against all morality ...he should not be allowed to make such announcements....the sheeple will be misled....and of course much of the media will love it being VI themselves .... :rolleyes:

Yep. We need help "spreading the word" on this property VI misleading b@stard. So, i thought a good 1st step would be starting a thread just for him: http://www.housepricecrash.co.uk/forum/index.php?showtopic=156520&view=findpost&p=2830142 :D

Please help. He deserves it.

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you've been warned before Gman about hanging round those places.jsut because the cost of a new house is going up doesn't necessarily follow that they'll be able to sell it for that.ergo,if the cost of a hosue is going up and prices are falling,margins are getting compressed.

In H1 '09 many of the residential developers announced that they would be switching focus from flats to larger houses, that decision will have taken time to run through which may explain the change in figures as a change in the mix. Because the mix has changed to more expensive properties the inital list price will be higher.

Local anecdote (S.London) non-newbuild: the inital listing price of <2 bed (i.e. flats) has fallen over the last 6 months, 3 bed (house and flats) have remained flat and >4 bed have risen.

So if the house builders have focused on bigger properties (movers (with equity for deposits?) rather than FTBs) they will be more likely to get away with a high list price is the anecdote hold true for new build as well.

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  • 277 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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