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Uk Mortgage Approvals Highest Since February 2008

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http://www.theguardian.com/business/2013/oct/29/mortgage-approvals-february-2008-help-to-buy

Mortgages approved by British lenders jumped to their highest level for more than five years in September, fanning fears the housing market was already heating up even before the latest government support kicked in.

Banks, building societies and other lenders approved 66,735 mortgages in September, the biggest monthly total since February 2008, before the global financial crisis took hold.

The figures, from the Bank of England, were just ahead of City forecasts of 66,000 and compared with an upwardly revised 63,396 in August. Mortgage approvals are seen by economists as a good early indicator of where the housing market is headed.

They follow government data on Monday showing house prices rose in every English region in September and are likely to be seized on by those who argue that the government's Help to Buy scheme risks creating a new bubble.

"All the stimulus thrown at the housing market risks starting another dangerous boom-bust cycle," said Rob Wood, chief UK economist at Berenberg Bank.

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£90B FLS scheme. Help To Banks 1 and Help to Banks 2.

Is it any wonder, I bet they are still low though.

What will they do when this set of idiots run dry ?

Edited by TheCountOfNowhere

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Mortgage approvals are akin to the right move asking price index.

At the end of the day it is the price achieved, actual draw downs and total lending that matters. At best net mortgage lending is static against a backdrop of increasing population and total number of dwellings.

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Mortgage approvals are akin to the right move asking price index.

At the end of the day it is the price achieved, actual draw downs and total lending that matters. At best net mortgage lending is static against a backdrop of increasing population and total number of dwellings.

Stop talking facts, you'll never get a job at the BBc at this rate.

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Mortgage approvals are akin to the right move asking price index.

At the end of the day it is the price achieved, actual draw downs and total lending that matters. At best net mortgage lending is static against a backdrop of increasing population and total number of dwellings.

Indeed. The BBA started publishing actual mortgage since the start of 2013 the traditional data was approvals (data since 1980s).

Given that there are only 9 months data so far (usual caveats) the conversion rate (i.e. actual/approvals) is 93% with a 1 month lag.

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