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TheCountOfNowhere

Mortgage Approvals Fall For Third Month Running

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I'd been on a real downer about house prices for the last few months.... second child had arrived, still having the same conversations I was having 3 years ago...

Suddenly everything seems to be coming together.....:)

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http://www.bbc.co.uk/news/business-27587181

"The number of mortgages being approved by High Street banks has fallen for the third month running."

Squeal Mr Boulger, Squeal.

:) squealing Boulger.

Blaming it on MMR. despite this statement from the article - "The value of mortgages taken out in April was the highest for six years".

Highest value of mortgages yet fewer mortgages being taken out - do they not see that there may be a relationship between these two things?

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I'd been on a real downer about house prices for the last few months.... second child had arrived, still having the same conversations I was having 3 years ago...

Suddenly everything seems to be coming together.....:)

Same position, possibly wishful thinking but I can feel something in my waters.

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:) squealing Boulger.

Blaming it on MMR. despite this statement from the article - "The value of mortgages taken out in April was the highest for six years".

Highest value of mortgages yet fewer mortgages being taken out - do they not see that there may be a relationship between these two things?

mortgages taken out were approved months ago.

gross lending is a lagging indicator.

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Worse than I expected. I looked at the boe sa purchase mortgage approvals and these were trending lower possibly to year on year negative in July /August. These BBA numbers are according to Reuters at Aug'13 levels and that is with htb in place. Bba said these were mixed results. They are but just looking the volumes these aren't good.

This is not advice!

Edited by Ash4781

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mortgages taken out were approved months ago.

gross lending is a lagging indicator.

Yes, always lagging but hard to estimate by how long. Remortgages can complete in weeks rather than months, purchases take longer although most mortgage offers are for a set period of 3 months.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10857867/Fewer-mortgages-approved-as-tighter-regulation-begins-to-bite.html

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According BoE stats M4 is tanking nicely in spite of net lending remaining positive (mostly via unsecured loads) so its hard to see how asset levels can remain at current levels.

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http://www.bbc.co.uk/news/business-27587181

"The number of mortgages being approved by High Street banks has fallen for the third month running."

Squeal Mr Boulger, Squeal.

No surprise there then.....the numbers are falling but the amounts having to be borrowed are up......cash sales are up, people inprisioned in property they are unable to escape from or remortgage are up. ;)

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MMR didn't come in until almost the end of April (the 26th). And I'm sure there was some front running to get mortgages approved before it came in. MMR can't be the whole reason. So hopefully we'll see a bigger fall when May's figures come out.

Edited by oldsport

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According BoE stats M4 is tanking nicely in spite of net lending remaining positive (mostly via unsecured loads) so its hard to see how asset levels can remain at current levels.

Ergo, the H2 GDP print should be much weaker than H1, unless Osborne starts driving up the deficit again.

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MMR didn't come in until almost the end of April (the 26th). And I'm sure there was some front running to get mortgages approved before it came in. MMR can't be the whole reason. So hopefully we'll see a bigger fall when May's figures come out.

I think it's more the new measures coming in So it will ease off. Alternatively if these are front loaded then presumably we'll see big falls as you say. There have been some odd commentary (Carney) and also the builder's charts. They may know what is in the pipeline. Also rush to float TSB in what market commentary is not a great time to IPO but saying that they have a deadline!

I have not looked at Lloyds recent share prices. This is not advice.

Edited by Ash4781

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