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koala_bear

Bba Data Sept 2013

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Out this morning.

BBA data = RBS, HSBC, Barclays, Lloyds, Santander, Virgin

http://www.bba.org.uk/statistics/article/september-2013-figures-for-the-high-street-banks/high-street-banking/

Everything going negative on actual housing transactions, re-mortgaging reaching for the stars:

Outstanding lending down £390m MoM i.e. net lending down ending recent +ve run.

Total Gross lending down £204m MoM

Gross lending for house purchase down £909m MoM

Gross lending for re-mortgage up £658m MoM

Gross lending other secured up £38m MoM

Capital repayment (inc early redemption) up £585m

...

# Loans for House purchase up 3,363 MoM

but

Average value of loan for HP down by £2700 to £154,100

Average value of loan for re-mortgage down by £4100 to £148,200 ends recent upward trend v significant

Looks like FLS is having the desired effect on re-mortgaging.

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Everything going negative on actual housing transactions, re-mortgaging reaching for the stars:

Looks like FLS is having the desired effect on re-mortgaging.

Banks being cautious about lending knowing HTB2 was coming, so may as well wait for taxpayers to take the lending risk?

Remortgaging OK if they have equity

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Poor fools believed the BBC's recovery propaganda and have taken on a lot of high interest unsecured borrowing this year, at the same time they have reduced the amount they are saving each month.

I suspect it's all to do with those new cars I see flying around in the UK, its quite amazing really as here most cars are of a 2006/7/8 or older vintage. when I visit the UK, if you haven't got a 2011+ reg then people look down on you :rolleyes:

More car repayments = lower UK savings rate.

Oh, actually the government don't want people saving thats why interest rates are 0%.

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Poor fools believed the BBC's recovery propaganda and have taken on a lot of high interest unsecured borrowing this year, at the same time they have reduced the amount they are saving each month.

I suspect it's all to do with those new cars I see flying around in the UK, its quite amazing really as here most cars are of a 2006/7/8 or older vintage. when I visit the UK, if you haven't got a 2011+ reg then people look down on you :rolleyes:

More car repayments = lower UK savings rate.

Oh, actually the government don't want people saving thats why interest rates are 0%.

but...

Other secured lending has generally been trending down, this is just a slight blimp upwards. The amount lent has been growing over the last few months (still the worst YTD ever) but in terms of the number of loans is the second worst months ever!

Deposits have also been increasing so people / businesses have been saving

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Looks like FLS is having the desired effect on re-mortgaging.

And there, IMO, is the sole reason for any economic growth at the moment.

In reality though, with this coming about through such low IRs, aren't people just spending the interest their pension would have been accruing?

Edited by rantnrave

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Seasonally adjusted BBA approvals for house purchase rose nearly 11% month-on-month and are 40% higher than a year ago.

BBAapprovals0913.gif

As for ""everything going negative on actual housing transactions", HMRC released September transactions for house purchase yesterday:

hmrctrans0913.gif

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And there, IMO, is the sole reason for any economic growth at the moment.

In reality though, with this coming about through such low IRs, aren't people just spending the interest their pension would have been accruing?

Partially.

Other FLS remortgaging boom benefits:

Encouraging borrowers to swap from IO to repayment so better in the longer term for the borrowers.

Lenders reduce the number of unprofitable borrowers leading to balance sheet repair (i.e. Santander) or more lending (i.e. Barclays).

BBA doesn't include Nationwide so it will be interesting to see the BSA and BoE figures shortly.

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As for ""everything going negative on actual housing transactions", HMRC released September transactions for house purchase yesterday:

Sorry badly worded I meant as opposed to remortgaging or secured lending, plenty of the figures turning negative for HP:

i.e. Gross lending for house purchase down £909m MoM

Average value of loan for house purchase down by £2700 to £154,100

The NSA data (more detailed) shows that the lending environment has shifted towards winter mode for house purchase.

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Does anyone have the latest on chains? I have read a few articles and a couple of posts on here that long chains are back (previously people were selling up then renting then buying).

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Does anyone have the latest on chains? I have read a few articles and a couple of posts on here that long chains are back (previously people were selling up then renting then buying).

No data but plenty of anecdotal that it is happening in London/SE...

Edited by koala_bear

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Does anyone have the latest on chains? I have read a few articles and a couple of posts on here that long chains are back (previously people were selling up then renting then buying).

Anecdotally too in the North West.

Everyone seems to think they are getting in early. When, surely, early predates a trend forming. Something fishy going on.

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