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Cml- Lending Down 2% Y-O-Y

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http://www.cml.org.uk/cml/media/press/2911

Gross mortgage lending was an estimated £11.3 billion in March, a 21% rise from £9.3 billion in February and a 2% decline from £11.5 billion in March 2010, according to data published today by the Council of Mortgage Lenders.

Gross lending for the first quarter of 2011 was therefore an estimated £30.1 billion, an 11% decline from the fourth quarter of 2010 (£33.9 billion) and a 1% increase from £29.7 billion in the first three months of 2010.

Commenting on current market conditions, CML chief economist Bob Pannell said:

“The housing market has emerged hesitantly from hibernation. Household finances are under a lot of pressure, and as a result demand for house purchase loans fell in the first three months of 2011. Lenders expect mortgage credit availability to improve this quarter, and this should help to underpin house purchase activity albeit at pretty low levels.

“Remortgage demand, meanwhile, continues to firm, presumably linked to expectations of higher base rates. Remortgage approvals in February were the highest for more than two years. Stronger remortgage activity looks set to continue propping up overall lending.”

Hmm, doesn't smell like recovery to me..

Edited by cheeznbreed

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But the headline only reading morons will all go off spouting that lending has recovered. Exactly what the structure of these articles are designed to achieve.

big VI misleading headline, actual facts inbedded lower down into the piece = Sheeple proof that housing is fine.

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But the headline only reading morons will all go off spouting that lending has recovered. Exactly what the structure of these articles are designed to achieve.

big VI misleading headline, actual facts inbedded lower down into the piece = Sheeple proof that housing is fine.

Express Owner Richard Desmond owns a £500 million property and investment portfolio.

Enough said....

http://www.moneyweek.com/news-and-charts/profile-of-publisher-richard-desmond-49730

Edited by juvenal

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But the headline only reading morons will all go off spouting that lending has recovered. Exactly what the structure of these articles are designed to achieve.

big VI misleading headline, actual facts inbedded lower down into the piece = Sheeple proof that housing is fine.

Not all bad news - might convince them to put their house on the (already oversupplied) market.

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The Telegraph has weighed in with the sort of spin only they can do:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8462936/Mortgage-lending-jumps-21pc-but-sector-still-faces-challenges-says-CML.html

and:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8462926/Mortgage-lending-rises-as-housing-market-emerges-hesitantly-from-hibernation.html

Mortgage lending rises as housing market 'emerges hesitantly from hibernation'

Mortgage lending increased by 21pc during March as both buyers and remortgaging returned to the market.

Never ceases to amaze that the Torygraph can wring two near-identical articles from one set of facts, maybe the freelancers compete with each other and the best story makes the printed paper. No sign of Ms Butterworth though, will she submit her copy and make it a hat-trick?

Edited by cheeznbreed

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The Telegraph has weighed in with the sort of spin only they can do:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8462936/Mortgage-lending-jumps-21pc-but-sector-still-faces-challenges-says-CML.html

and:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8462926/Mortgage-lending-rises-as-housing-market-emerges-hesitantly-from-hibernation.html

Never ceases to amaze that the Torygraph can wring two near-identical articles from one set of facts, maybe the freelancers compete with each other and the best story makes the printed paper. No sign of Ms Butterworth though, will she submit her copy and make it a hat-trick?

"Emerges hesitantly from hibernation" FFS !

The housing market, compared to a cute, sleepy polar bear popping it's head up to check the conditions, was forced back into it's warm, cosy ignorance as the arctic storm of continued economic turmoil smashed hailstones of reality right back into it's face.

more like

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Expect mortgage lending down 20% in May...unexpectedly. :lol:

All the bank holidays you see - they're already coming out with the excuses for cr*p sales and falling prices over the next few weeks.

FWIW EAs are weighing up the pros and cons of opening on those days: My link

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It is of course snowing in our seasonally adjusted essex at the mo.

reality says 22C...stats say steady 0C

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So let me get this right, this figure:

Is only an estimate

Is non-seasonally adjusted (and presumably lending increases this time every year)

Includes remortages (so given the amount of media panic re interest rises, could be just due to more fixing)

And is still down y-o-y (after a poor March 2010)?

:lol::lol::lol:

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Mortgage lending jumps: headline in FT

in smaller print:

Mortgage lending was 21 per cent higher in March than in February, according to new data from the Council of Mortgage Lenders (CML) – but total advances were still 2 per cent lower than a year previously and unlikely to lead to any uplift in house prices, according to brokers

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On a property worth £1 million the stamp duty bill will rise from £40,000 to £50,000 from April 6, 2011.

How much of an impact do people think this is going to have had on indices, mortgage figures etc?

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How much of an impact do people think this is going to have had on indices, mortgage figures etc?

March and the early days of April apparently saw a rush to beat the 5% stamp duty.

Hundreds of millions of pounds changed hands in hours in a property scramble to beat the new five per cent stamp duty tax.

Buyers exchanged and completed seven-figure deals to save themselves thousands of pounds. One estate agent pushed through £90million of transactions, comparing it to the Premier League transfer window.

http://www.thisislondon.co.uk/standard/article-23939061-house-sales-rush-to-beat-tax-rise-frenzy-in-london-sparked-by-stamp-duty-increase.do

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Yup - this would skey the stats somewhat. Need to see how many transactions this represents.

Would such a fixed deadline finally provide a turning point for the London market?

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Would such a fixed deadline finally provide a turning point for the London market?

No. It would just account for why the March total lending figure would be higher due to demand being brought forward.

When they give the April figure a split from the 7th April might be interesting.

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No. It would just account for why the March total lending figure would be higher due to demand being brought forward.

When they give the April figure a split from the 7th April might be interesting.

IIRC there is one survey that doesn't cover a calendar month but the last three weeks of one month and the first of the week after.

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Capital Radio news at 10 reported it as the housing market bouncing back. Could not listen to all the sh-t that was spouted as I should be at work by 10 and I was still parking the car , so had to switch off the radio and run.

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  • 315 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% +
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      • Even
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      • up 5%



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