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exiges

Mortgage Approvals Down 11% Yoy

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http://www.bbc.co.uk/news/business-12830261

New figures have confirmed that the property market is still very subdued.

The British Bankers' Association (BBA) said the number of new mortgages its members had approved for homebuyers had risen by 3% in February, to 29,923.

However that was still 11% fewer than a year ago.

Meanwhile HM Revenue and Customs (HMRC) said 57,000 homes had been sold in the UK in February, 4,000 higher than in January, but slightly fewer than in the same month a year ago.

"Mortgage lending remains subdued, with only remortgaging on an upward trend, as borrowers lock into lower rate products currently available," said the BBA's statistics director, David Dooks.

"Household demand for unsecured credit is also weak, as people continue to cut back on borrowing and build up deposits," he added.

Howard Archer at Global Insight said: "The housing market clearly is still very weak which does not bode well for house prices."

"We believe housing market activity and house prices will remain under pressure for some time to come from high unemployment, negative real income growth, the increasing fiscal squeeze, very low consumer confidence, and ongoing difficulties in getting a mortgage, particularly for first time buyers," he added.

Edited by exiges

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http://www.bbc.co.uk/news/business-12830261

New figures have confirmed that the property market is still very subdued.

The British Bankers' Association (BBA) said the number of new mortgages its members had approved for homebuyers had risen by 3% in February, to 29,923.

However that was still 11% fewer than a year ago.

BBA non-seasonally adjusted is 26,019 up from 16,946 in Jan, a much bigger increase but still way off their fantasy figure. Still, that's about 15,000 seasonally adjusted approvals to unwind later in the year.

Month New purch. Remort. Other value

Jan 2011 16,946 21,539 12,808 135,200

Feb 2011 26,019 29,002 15,409 139,900

Feb 2010 29326, Y-o-Y is correct at -11%

Edited by cheeznbreed

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10,000 Home loans should make a difference then......Hang on, Joe Public realises I am trying to resuss. a lost cause, the only benefit is to House builders and bankers, I am trying to buy votes (and failing), and the elephant is that House's are much, much too expensive to appeal to FTB's.

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Simpleton's comment here - 26K of mortgages for 57K of house purchases. So over half of purchases in February were cash only???

nah, thatll be approvals from November and December

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Simpleton's comment here - 26K of mortgages for 57K of house purchases. So over half of purchases in February were cash only???

Good question. What are the cash purchase volumes? Wouldn't surprise me if it was running at over 20k per month.

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10,000 Home loans should make a difference then......Hang on, Joe Public realises I am trying to resuss. a lost cause, the only benefit is to House builders and bankers, I am trying to buy votes (and failing), and the elephant is that House's are much, much too expensive to appeal to FTB's.

+1, couldn't have said it better myself.

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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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