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Despair For First-Time Buyers As New Mortgage Lending Stays Near Two-Year Low

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http://www.dailymail.co.uk/news/article-1359804/Despair-time-buyers-new-mortgage-lending-stays-near-year-low.html

Despair for first-time buyers
as new mortgage lending stays near two-year low
:(
First-time buyers received
more bad news today
as it emerged approvals for new mortgages remained close to a two-year low in January.
Just 28,932 loans were approved for people buying a property during the month, broadly unchanged from December's figure, which was the lowest since January 2009, according to the British Bankers' Association.
But there was a 5 per cent jump in the number of people remortgaging, as homeowners opted for fixed-rate deals as speculation increased that the Bank of England would
raise interest rates sooner than previously thought
.

It is really turning black now for the property market. No wonder I am seeing SSTC comes back on for sale 8 weeks or so after they get "SOLD." Never underestimate the power of FTBs to drive a market. Without them there is no move up market.

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http://www.dailymail.co.uk/news/article-1359804/Despair-time-buyers-new-mortgage-lending-stays-near-year-low.html

It is really turning black now for the property market. No wonder I am seeing SSTC comes back on for sale 8 weeks or so after they get "SOLD." Never underestimate the power of FTBs to drive a market. Without them there is no move up market.

Wonder how many flippers there are in the market. Place a low offer end of the year, string it along, see what the market is looking like Feb time, purchase, lick of paint, resale.

Falling market, ditch the offer and not bother.

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http://www.dailymail.co.uk/news/article-1359804/Despair-time-buyers-new-mortgage-lending-stays-near-year-low.html

Despair for first-time buyers
as new mortgage lending stays near two-year low
:(
First-time buyers received
more bad news today
as it emerged approvals for new mortgages remained close to a two-year low in January.
Just 28,932 loans were approved for people buying a property during the month, broadly unchanged from December's figure, which was the lowest since January 2009, according to the British Bankers' Association.
But there was a 5 per cent jump in the number of people remortgaging, as homeowners opted for fixed-rate deals as speculation increased that the Bank of England would
raise interest rates sooner than previously thought
.

It is really turning black now for the property market. No wonder I am seeing SSTC comes back on for sale 8 weeks or so after they get "SOLD." Never underestimate the power of FTBs to drive a market. Without them there is no move up market.

Sounds like good news for any first time buyer that doesnt get conned into buying into this fools market.

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I hope so. I'm bored of waiting and fed up deling with arrogant EA's :angry:

I am actively looking now and find the EAs around here to be as bearish as I am! They are willing to put in low ball offers and recommending sellers take them as they are STARVING!

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..... find the EAs around here to be as bearish as I am! They are willing to put in low ball offers and recommending sellers take them ....

...if they are honest and ethical ...that should be their job....broking reality..... :rolleyes:

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If middle-east protesters can organise themselves why can't UK FTBs?

Boycott EA offices. Just don't go near them.

Stop looking forlornly in the window hoping for a miracle, but use the ultimate power they have.

No, don't bother telling me why it wont happen, I do know :(

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I'm so despaired that I can't get into masses of debt to buy a piddly shitty flat. Why won't those nasty banks lend! It's just not fair :(

Now for an article which addresses the REAL problem FTBs currently have

http://www.propertymentor.co.uk/property-news-695.php

Is there some good news on the horizon for first time buyers on the horizon?

The high cost of property in the UK is just one of the problems that have been causing huge problems for first time buyers in the UK. Whilst property prices plummeted after the global financial crisis swept the country in 2007 there have been some increases since this time, and for many first time buyers the high price of property means that homeownership is still out of their reach.

However, according to recent reports there may be some good news on the horizon for first time buyers, although the news is not so good for homeowners that are hoping to sell their properties. Figures have been released indicating that the number of properties for sale is almost double the number of mortgages that are being approved.

The data, which comes from the property group Rightmove, has suggested that last year there were around 1.3 million properties up for sale and this compared to just 530,000 mortgage approvals. The number of properties for sale therefore by far outstripped the number of mortgage approvals, and many believe that this could lead to another house price crash.

Edited by Pent Up

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Despair for first-time buyers as new mortgage lending stays near two-year low

I know we say it a lot but this really is a wrong-headed way of looking at things. You wouldn't say, "Despair for wine buyers as average alcohol intake hits new low"

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If middle-east protesters can organise themselves why can't UK FTBs?

Boycott EA offices. Just don't go near them.

Stop looking forlornly in the window hoping for a miracle, but use the ultimate power they have.

No, don't bother telling me why it wont happen, I do know :(

...only a fool would FTB in this market... which is crashing.... :rolleyes:

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QuoteIs there some good news on the horizon for first time buyers on the horizon?

The high cost of property in the UK is just one of the problems that have been causing huge problems for first time buyers in the UK. Whilst property prices plummeted after the global financial crisis swept the country in 2007 there have been some increases since this time, and for many first time buyers the high price of property means that homeownership is still out of their reach.

However, according to recent reports there may be some good news on the horizon for first time buyers, although the news is not so good for homeowners that are hoping to sell their properties. Figures have been released indicating that the number of properties for sale is almost double the number of mortgages that are being approved.

The data, which comes from the property group Rightmove, has suggested that last year there were around 1.3 million properties up for sale and this compared to just 530,000 mortgage approvals. The number of properties for sale therefore by far outstripped the number of mortgage approvals, and many believe that this could lead to another house price crash.

Quick! Have we copyrighted the phrase 'House Price Crash'? It might be getting a lot of use in the coming months...

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Just for the record, Ive tried to bang this comment under a few FTB articles in the Mail, without success.

[i copied and pasted it 12 times under the OP's linked article as well. Without success]

The bankers have "privatised profits and socialised losses" of BTL speculators, [Debtors] who continue to benefit from profits, by not taking any losses, and by pushing those losses onto society at large via the government.

So FTB'ers money is being stolen, by our government, to pay to keep the banks assets, or other peoples houses, massively overinflated, ensuring FTB'ers can never afford their own house.

We know i t was undisputed fraud behind the manipulation of rising house prices.

Without the bank bailouts, house prices would have crashed by over 50% And returned to their long term median affordability. Instead the VI's are trying to transfer this debt onto FTB'ers.

Why should FTB'ers pay for others toxic mortgage debt?

Why should people who do not own property bail out the banks?

Those FTB'ers priced out for over a decade have already been forced to waste tens of thousands in rent.

Should we work for another decade for nothing?

No Capital?

Remind me again. What's the name of the property group, who are the Daily Mails sister company?

Edited by Dan1

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This is DEVASTATING news!! And there I was urgently hoping to get a 9X salary mortgage before the market crashes to smithereens. I want to buy NOW while the prices are still sky high – it will DESTROY me if I have to wait until prices halve before I can buy. I NEED to be in debt up to my eyeballs blah blah

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I don't believe the daily mail. There isn't a shortage of mortgages if FTB's have big enough deposits. The building societies don't want to take the risk that if the property falls by 20% that the buyer is in negative equity so then the building society is taking a risk. The article is designed to change the policies of the banks so they start lending more money more easily. It wasn't long ago there were a few articles on zombie mortgage holders, again this was just a bit of propaganda by the papers to discourage the BOE from increasing interest rates. I know someone who took out a self-certified mortgage and lied about their wage to say they were earning £52k when in reality they were earning £27k (and still are). But he is managing to overpay his mortgage at the moment. The only people I can see struggling to repay their mortgage if interest rate go up are the people who took out massive self-certified loans, and they probably should be struggling, that's why the banks sets multiples of salary as limits on what can be borrowed.

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  • 312 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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