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January Mortgage Approvals Down 26 Percent From January A Year Ago

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Mortgages approved by British banks rose in January for the first time since June, although they were still around a quarter below their level a year previously, the British Bankers' Association said on Wednesday. Mortgage approvals for house purchase rose to 36,394 from 35,816 in December. Despite the increase, this was still down 26 percent from January a year ago. The BBA also reported strong growth of personal loans and overdrafts, which rose 3.9 percent on an annual basis -- the highest rate since late 2008.

https://uk.news.yahoo.com/jan-mortgage-approvals-rise-first-time-since-june-093653355--sector.html#qBUEbpu

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Mortgages approved by British banks rose in January for the first time since June, although they were still around a quarter below their level a year previously, the British Bankers' Association said on Wednesday. Mortgage approvals for house purchase rose to 36,394 from 35,816 in December. Despite the increase, this was still down 26 percent from January a year ago. The BBA also reported strong growth of personal loans and overdrafts, which rose 3.9 percent on an annual basis -- the highest rate since late 2008.

https://uk.news.yahoo.com/jan-mortgage-approvals-rise-first-time-since-june-093653355--sector.html#qBUEbpu

Hmm sub 50k a month was always considered the point when prices turned south which was true in 08/09/10

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Hmm sub 50k a month was always considered the point when prices turned south which was true in 08/09/10

Sub 100k/month was the previous tipping point.

People adjusted it to 70K.

There'll be a heft regional scew on the figures too - all London/SE.

Get ~100 outside and nothing's happening.

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Sub 100k/month was the previous tipping point.

People adjusted it to 70K.

There'll be a heft regional scew on the figures too - all London/SE.

Get ~100 outside and nothing's happening.

Explains all the bank adds on the box and all the BS propaganda ion the MSM

It really is starting to feel like 2007 again

Volumes coming to the market is starting to slowly tick up around my way there also seems to be quite a few half finished/in need of renovations which look like typical BTL places (probably repos) some are almost approaching value 10-15 % below the peak of 05/06 for similar places, but they may well look expensive this time next

Edited by long time lurking

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You know the problem, don't you.

THE INSANE ASKING PRICES

I suppose thats down to what part of the country you are looking at and the section of the market low/mid/high, mid/high end stuff around my way is still looking like kite flying territory but the bottom end is starting to show sings of capitulation especially concerning BTL ,there are still kite flyers but there seems to be quite a few looking desperate /realistic (but these could well be repos)

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Explains all the bank adds on the box and all the BS propaganda ion the MSM

It really is starting to feel like 2007 again

Volumes coming to the market is starting to slowly tick up around my way there also seems to be quite a few half finished/in need of renovations which look like typical BTL places (probably repos) some are almost approaching value 10-15 % below the peak of 05/06 for similar places, but they may well look expensive this time next

Yeah quite a few where I am. I saw one on for 300K and the semi to other side identical layout and quality sold for 225k in Nov'12. The property has been on the market for 6months but that is only from whenI checked so could have been longer!

Anyway to me it feels like 2007 in that properties that need alot of work are way ooverpriced. Whether the buyers will accept low offers I doubt it.

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Flyer through the door just now from Scumbag and Ponzi Ltd, EA of this manor."We had a fantastic 2014, selling pwoperdee within 98% (highlighted in bold and red) of the current asking price in the last quarter of 2014, which is great news for all sellers! This resulted in us selling over £42m worth of pwoperdee in 2014! We get good prices! 2015 has started fantastically, and with the news from The Guardian website 'overall house prices nationally are expected to rise in a range between 3-5%" - which again is great news!".

It's a bit annoying actually because we've only just bought a new telly after my little incident after the last flyer, so now I won't be able to watch Wolf Hall tonight. Then again, I can use the time by posting the flyer back through their letterbox with lots of scribble all over it with the usual HPC facts and figures.

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