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Consumer Confidence Hits Lowest In 2yrs

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I would be interested to know how many people are re-mortgaging - looking for better deals etc - and topping up because times are hard and we 'might as will stick a few grand on the mortgage' - comforted by the fact the house is still worth twice what it was 5 years ago etc.

I really see very little evidence of the housing market picking up - I'd say the opposite in fact. There is lots of stuff where I live - particularly the detached market between say 300k and 500k - where houses just simply do not seem to be selling. The For Sale board goes up and simply stays there - or the agents get changed - or the Sold sign goes up and the removal van never comes.

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Running out of money, the cost of living, debt repayments and other liabilities are outstripping earnings, simple as that.

Hell to pay to come for manipulating the CPI and foolling people into a state of borrowing dependancy.

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Simple answer is people would rather pay their mortgage and move homes before spending on retail goods, hence rise in mortgage approvals and drop in credit card spending.

Hi,

Or, more likely, credit cards maxed out (we currently have the highest ever recorded debt levels in the world, it hasn't reduced recently, it hasn't dissapeared), people are MEW'ing to pay off unsecured debts against property values. majority component of current loan approval figures is within MeW.

Boomer

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According to Moneyweek the spike in mortgage approvals looks ominously similar to the deadcat bounce that occured just before the last property crash. The most likely cause is home owners near to bankruptcy MEWing in desperation......... in effect using their house as a bank of last resort to stave off the inevitable.

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Simple answer is people would rather pay their mortgage and move homes before spending on retail goods, hence rise in mortgage approvals and drop in credit card spending.

Do not think it is as simple as that. if so Why were not they doing it earlier ?

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Guest Riser

According to Moneyweek the spike in mortgage approvals looks ominously similar to the deadcat bounce that occured just before the last property crash. The most likely cause is home owners near to bankruptcy MEWing in desperation......... in effect using their house as a bank of last resort to stave off the inevitable.

Here is the plot of MEW against Nationwide HPI

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LONDON (Reuters) - Consumer confidence slid to its lowest level since the Iraq war this month, reviving expectations the Bank of England will cut interest rates again to bolster flagging sentiment.

Reviving expectation for who?

I thought the BoE had made it fairly clear recently that they are targeting inflation.

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  • 302 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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