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benjamin

Mortgage Lending Falls

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Sorry if already posted, but I for one have missed this story.

http://www.banking-business-review.com/art...D7-6A71060DC217

This is a Month on Month decrease - after the September blip due to the interest rate cut. This should mean that we should see a bit more unwind towards the end of the year.

According to the article it 16% higher than in October 2004. It doesn't say what happened last September.

The article doesn't say how much of this is new purchases, remortgaging or releasing equity.

There is a good collection of links at the bottom of the page under the "Related research" heading.

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Sorry if already posted, but I for one have missed this story.

http://www.banking-business-review.com/art...D7-6A71060DC217

The initial press release is here:

http://www.cml.org.uk/cml/media/press/555

The gross lending table (PDF format) is here:

http://www.cml.org.uk/cml/filegrab/1Grossl...e1.pdf?ref=4477

In their note 1 there is an interesting snippet:

1. Today's monthly lending press release no longer provides information that we have previously published in the SML. In future, lenders representing the majority of UK mortgage lending will voluntarily report details of their transactions to us based on their statutory reporting of Product Sales Data to the Financial Services Authority. The result should be the most representative source of information on the UK market.

Unfortunately, it is likely to take a few months before the new reporting arrangements bed down and allow us to report market data on a timely basis. During this transition period, we will continue to issue monthly press releases, but these will only include a few summary statistics. We will reinstate a fuller press release as soon as possible.

Their next figures are out on 20 December if anyone wants to mark their diary.

The CML press releases are here:

http://www.cml.org.uk/cml/media/press

This press release has also appeared here:

http://www.abcmoney.co.uk/news/1920051375.htm

This story also has results from building societies and banks - and some info on consumer borrowing.

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No surprise that this story is being ignored by the BBC website.

Had the figures been 'good news' for the housing market, it would be a featured report in Business/Economy section

BTW - does anyone know how may journalists work on the BBC website? I recently heard that it was only a very small number, who just re-hash reports from the rest on the BBC

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We know there are fewer sales this year than last yet borrowing is higher than the same period last year. Answer - continued MEW and thus increased indebtedness. Borrowing to pay for Christmas perhaps ?

I agree up to a point, but aren't we getting the cart before the horse here?

Mortgage lending would be reported before housing transactions, not after them. However I agree that the fact that these are not seperated out between a mortgage for a house purchase and a mortgage for any other purchase does have it's weakness.

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  • 301 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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