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Realistbear

" Market Gloom Continues" C M L Extremely Pessimistic

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http://www.thisislondon.co.uk/standard-business/article-23962370-mortgage-lending-edges-up-but-market-gloom-continues.do

Mortgage lending edges up, but market gloom continues
20 Jun 2011
Banks shook off a Royal Wedding hangover to boost mortgage lending in May, but there is little sign of a long-term revival in the market, the Council of Mortgage Lenders warned today.
Gross mortgage lending - which includes loans for both house purchase and remortgaging - was 12% ahead of a sluggish April at £11.3 billion last month.
But lending was just 1% up on a year earlier, building on the recent gloomy picture of market torpor seen in Halifax's house price index and the Royal Institution of Chartered Surveyors' latest survey.
CML director Michael Coogan said: "The likelihood seems to be for essentially flat levels of lending over the next couple of months.
"
The amount of money lent for buying homes was down on a year ago, with the slight increase in lending overall being accounted for by existing homeowners remortgaging
."

Doom and gloom for the commuters headed home after a hard days scamming in the City. :(

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Meanwhile in the fantasy UK housing market sellers up their asking price by 0.6%, an average of £1,520.

It's high time Mr Reality kicked the door in to this party, shut the music off and filled the punch bowl with sand.

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Sir Merv has induced the same hallucinatory delusions of merit in the masses of vendors as he has in himself, my word the padded cells will soon be bursting at this rate

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"CML director Michael Coogan said: "The likelihood seems to be for essentially flat levels of lending over the next couple of months. "

For a whole two months? Eeek! It really is a crisis.

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"CML director Michael Coogan said: "The likelihood seems to be for essentially flat levels of lending over the next couple of months. "

For a whole two months? Eeek! It really is a crisis.

Yep, no SPRING/SUMMER BOUNCE for the housing market :D

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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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