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gruffydd

Uk Mortgage Lending Down 29% In January

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Just 28,500 loans were advanced to people buying a property during the month, the lowest level since February 2009 and 29% down on December's figure, the Council of Mortgage Lenders said.

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Just 28,500 loans were advanced to people buying a property during the month, the lowest level since February 2009 and 29% down on December's figure, the Council of Mortgage Lenders said.

Odd that APPROVALS were "The number of loan approvals for house purchase (45,723)"

http://www.bankofengland.co.uk/statistics/li/current/index.htm

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Instead, it blamed a combination of the Government's spending cuts beginning to bite, and rising inflation and taxes putting pressure on households' budgets, both of which are thought to have discouraged potential buyers.

Housing market activity was also hit by the extreme winter weather seen during December, while predictions that interest rates will start to rise again in the near future are also likely to have taken their toll.

http://www.google.com/hostednews/ukpress/article/ALeqM5ims9Tqm0nevnqAzGzAHpHk1RgdXQ?docId=N0424271299837157126A

But academretrics said there was pent up demand?? Must be cash buyers I suppose.

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Are loan approvals the same as moneys forwarded?

You can get an approval for a mortgage (AIP) but that might not turn into a mortgage?

I don't think all mortagage providers are in the CML, not sure though.

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I don't think all mortagage providers are in the CML, not sure though.

The biggest are.

The securitization muppets/filth lenders which were some of the worst liar loaners are pretty muc out of the market altogether. Nobody is going to be backstoppipng that business for a while no matter how hard the central bank try to make the yields look attractive.

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The CML reponse on the BBC web site is:

The CML said the fall was larger than expected at the time of year and due to an "unusual combination of factors".

Well, that's reassuring.

i.e. massively overpriced property, high inflation and falling incomes.

roll on HPC :D

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No.

Yes.

There is also a lag effect between an approval and a completion which comes into play.

ah, so all those approvals in November, December and January are going toward the Spring Bounce?

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The biggest are.

The securitization muppets/filth lenders which were some of the worst liar loaners are pretty muc out of the market altogether. Nobody is going to be backstoppipng that business for a while no matter how hard the central bank try to make the yields look attractive.

I thought some of them weren't, but wasn't sure.

As others have said, much of the difference must be due to broken or failed chains. I'm sure when I bought a house ten years ago my mortgage was approved about a month before contracts were exchanged, there's plenty can go wrong in between.

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I thought some of them weren't, but wasn't sure.

As others have said, much of the difference must be due to broken or failed chains. I'm sure when I bought a house ten years ago my mortgage was approved about a month before contracts were exchanged, there's plenty can go wrong in between.

Here's a list of the ones that are.....

http://www.listof.org.uk/list-of-mortgage-providers-in-the-uk-cml-members/

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BBC : Sudden slump in mortgage lending, lenders reveal

11 March 2011 Last updated at 10:14

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The market could now be facing another downturn

The number of new mortgages lent to house buyers slumped by 29% in January compared to December, the Council of Mortgage Lenders (CML) said.

At just 28,500 the figure was also 12% lower than in January last year.

The CML said the fall was larger than expected at the time of year and due to an "unusual combination of factors".

The figures suggest the property market may be heading for a new downturn in activity due to mortgage rationing and the uncertain state of the economy.

"With the effects of last year's government spending cuts beginning to bite, and rising inflation and tax measures putting pressure on household budgets, potential house-buyers are likely to have been discouraged," the CML said.

"This, coupled with December's extreme winter weather, and uncertainty over future interest rate rises, has led to a lack of movement in the mortgage market."

Unexpected.

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Move along. Nothing to see. Cold December inhibits people viewing houses, so fewer applicants in January. Expect bounceback, though to what level remains uncertain.

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Move along. Nothing to see. Cold December inhibits people viewing houses, so fewer applicants in January. Expect bounceback, though to what level remains uncertain.

yet, they still have time to fill out mortgage applications

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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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