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Uk Mortgage Approvals Hit Highest Since Around Start Of Crisis

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http://uk.reuters.com/article/2014/01/24/uk-britain-economy-housing-idUKBREA0N0P720140124

British lenders approved more mortgages in December than in any month since around the start of the financial crisis, data showed on Friday, fuelling concern that the housing market may be overheating.

Mortgages for homes purchases rose to 46,521 in December - the highest level since September 2007 - from 45,394 in November, the British Bankers' Association said.

The figures come one day after Bank of England Governor Mark Carney told the BBC the momentum in the housing market was a source of concern, even as he argued the central bank was in no rush to raise interest rates.

"This provides further evidence of a more active housing market, helped by growing consumer confidence and government support schemes such as Help to Buy," BBA Director of Statistics David Dooks said about the data.

Acquiring exit velocity captain!

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Mortgages for homes purchases rose to 46,521 in December

MonthlyHousePurchases-Table-201312.png

What's the source for your table? the 46k figure is from the BBA (Banks only) so not the complete mortgage market.

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I'm surprised more publicity wasn't given on Tuesday to the fact that seasonally adjusted monthly residential property transactions have now risen above the 100K level again.

It's a pity that the HMRC series doesn't start until April 2005. The number that month was 108,400. The provisional number for December 2013 is 103,040.

HMRCtrans1213.gif

http://www.hmrc.gov.uk/statistics/transactions.htm

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its amazing what will happen if you print money and start government backed low interest rate sub prime lending.

what type of people think this anything other than madness!

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its amazing what will happen if you print money and start government backed low interest rate sub prime lending.

what type of people think this anything other than madness!

Career politicians who think only of re-election.

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Career politicians who think only of re-election.

Elected maybe! But they would rather be the "Opposition", when this sh4t hits the fan, and I feel it will, but not as quickly as the HPCers expected.

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So good news- more private debt has been created in the UK economy;

UK household debt hits record high

Individuals now owe a total of £1.43 trillion, including mortgage debt, slightly above the previous high.

The previous record was set in September 2008, just before the effects of the financial crisis and the recession began to bite.

But the government said that relative to household income, debt had actually fallen.

The rise may reflect the willingness of consumers to borrow more, as a recovery comes into sight.

However, the figures may also show that families are having to borrow to deal with the higher cost of living, and to pay household bills.

The precise amount of total household debt is £1,429,624,000,000. That compares with the previous high of £1,429,595,000,000 five years ago, a difference of just £29m.

On average, that means each adult in the UK owes £28,489, including any home loans.

Indeed most of the debt is in mortgages, which have been rising steadily. So some of the increase reflects the recent recovery in house prices.

http://www.bbc.co.uk/news/business-25152556

Happy days are here again. :D

Of course economists will tell you that private debt does not matter since it's just a transfer of wealth from the 'patient' lender to the 'impatient' borrower- no one has yet told economists that banks can manufacture debt from thin air- nor does counter party risk seem to trouble their pretty little heads.

So- it's all good.

Edited by wonderpup

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I'm surprised more publicity wasn't given on Tuesday to the fact that seasonally adjusted monthly residential property transactions have now risen above the 100K level again.

It's a pity that the HMRC series doesn't start until April 2005. The number that month was 108,400. The provisional number for December 2013 is 103,040.

HMRCtrans1213.gif

http://www.hmrc.gov.uk/statistics/transactions.htm

Strange how transactions started going up at the exact same time the government announced it would subsidise mortgages!

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The precise amount of total household debt is £1,429,624,000,000. That compares with the previous high of £1,429,595,000,000 five years ago, a difference of just £29m.

Na, there's more life in the old dog yet, inflation adjusted +20% and we could borrow another £285Bn before we make a new record. With a 5% banker's skim, recovery is easy!

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