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Bruce Banner

Mortgage Lending Down Again In April

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Only 45,166 mortgages approved in April. Breaking news on BBC TV News now.

Down 10% on last year. Nice.

Historically:

Jun 29, 2010 - 50K

Jun 29, 2009 - 43K

Jun 2, 2008 - 58K

Jun 29, 2007 - 114K

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Down 10% on last year. Nice.

Historically:

Jun 29, 2010 - 50K

Jun 29, 2009 - 43K

Jun 2, 2008 - 58K

Jun 29, 2007 - 114K

You have been using that time machine again, haven't you?

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I'm slightly confused here. Think I need FreeTraders help.

What release is this? Normally with have 2 mortgage approval releases per month from the BOE. An initial figure (preliminary mortgage approvals on FF) which is figures for the five main lenders only and is released first. Then there is the final figure (final mortgae approvals on FF) which is released a couple of weeks later and shows all approvals for all banks. This is always higher than the preliminary figure.

For some reason FF no longer has preliminary or final approvals. Just 'mortgage approvals' I was expecting this to be the preliminary release for for April. If so this would be an increae of 1k, March was 44k. If it's the final release it's a drop of 3k (or 2k from the revised march figure I think)

So which is this? Have the BOE merged them or done away with the preliminary release?

Here's the report but I still can work it out.

http://www.bankofengland.co.uk/statistics/li/2011/apr/lending%20to%20individuals.pdf

Edited by Pent Up

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Activity in the mortgage market slumped during April as the extended bank holiday weekends distracted people from their moving and remortgaging plans, figures showed today.

The way that's worded, it's saying that the figures show that the market slump was caused by the bank holiday weekends, when all the figures show is the mortgage market slumped :rolleyes:.

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I'm slightly confused here. Think I need FreeTraders help.

What release is this? Normally with have 2 mortgage approval releases per month from the BOE. An initial figure (preliminary mortgage approvals on FF) which is figures for the five main lenders only and is released first. Then there is the final figure (final mortgae approvals on FF) which is released a couple of weeks later and shows all approvals for all banks. This is always higher than the preliminary figure.

For some reason FF no longer has preliminary or final approvals. Just 'mortgage approvals' I was expecting this to be the preliminary release for for April. If so this would be an increae of 1k, March was 44k. If it's the final release it's a drop of 3k (or 2k from the revised march figure I think)

So which is this? Have the BOE merged them or done away with the preliminary release?

Here's the report but I still can work it out.

http://www.bankofengland.co.uk/statistics/li/2011/apr/lending%20to%20individuals.pdf

Pent,

The preliminary mortgage numbers from the major lenders used to appear in the BoE's monthly 'Trends In Lending' release. This has now been changed to a quarterly release, and the next one won't be out until 21 July.

Anyway, here's the latest mortgage approvals chart:

boeapprovals0411.gif

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Anyway, here's the latest mortgage approvals chart:

Not adjusted for population either.. which I think has grown significantly in that time.

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Pent,

The preliminary mortgage numbers from the major lenders used to appear in the BoE's monthly 'Trends In Lending' release. This has now been changed to a quarterly release, and the next one won't be out until 21 July.

Anyway, here's the latest mortgage approvals chart:

boeapprovals0411.gif

I thought it must be something like that, thanks.

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http://www.independent.co.uk/money/mortgages/bank-holiday-weekends-hit-mortgage-markets-2291729.html

"Howard Archer, chief UK and European economist at IHS Global Insight, said: "The relapse in mortgage approvals in April from an already low level reinforces our belief that modest falls in house prices are more probable than not over the coming months."

Good to see the term "modest falls" mentioned in this article.

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Well house prices are set to rise by 16%. Thank goodness for some good news! huh.gif

Must be those cash rich foreign buyers snapping up semi's in Scunthorpe again.

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Funny how the media always take the VI's word for it that bank holidays or sunny weather had an effect

Its also completely different to I witnessed - over the bank holidays in the area I am looking, about 20 houses (out of 90) went SSTC over the bank holiday weekends then 2 weeks later came back on the market - so people were trying to buy and failing miserably IMHO.

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Funny how the media always take the VI's word for it that bank holidays or sunny weather had an effect

Tends to happen if you cut costs by reprinting press releases while getting rid of those who actually go out of the office to find things out for themselves.

Can't blame the media for making cuts. Cuts are the new politically correct - its not acceptable to question their effect. The country simply can't afford proper reporting any more. ;)

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Not adjusted for population either.. which I think has grown significantly in that time.

that would be the population of banks...which are of course, growing and immortal.

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