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deadlyavenger

U.k. Mortgage Approvals At Lowest In 18 Months/house Prices Could Ease Back By 3Pc

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Apologies if already posted (mods, please delete if that is the case)

But some very bearish articles particularily in the Telegraph, check out the bit time stamped at 10:02:

10:02am
House prices could ease back by 3pc over the latter months of 2016
After data from the Bank of England showed that mortgage approvals slowed markedly in July - to an 18-month low of 60,912 and down 12.4pc year-on-year, Howard Archer, of IHS, weighed in on the outlook for house prices:
"July’s marked slowdown in mortgage approvals fuels our belief that house prices could ease back by around 3pc over the latter months of 2016 and there could well be a further 5pc drop in 2017.
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Brexit vote slows home loans ‘with worse on way’

Brexit chilled the housing market in July after new figures showed the worst month for mortgage lending since January 2015 and experts predicted worse to come.

Capital Economics’ Scott Bowman said: “With Brexit uncertainty having driven new buyer enquiries lower in recent months, we suspect that mortgage approvals have further to fall over the rest of the year.” The falling number of transactions is also likely to heap pressure on the public finances, which have been supported by booming stamp-duty revenues since 2013.

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Things have definitely slowed, but there is still movement.

My house sale completes in the next few days, so buyers needing or wanting to buy are getting on with things.

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Things have definitely slowed, but there is still movement.

My house sale completes in the next few days, so buyers needing or wanting to buy are getting on with things.

At those prices...f**king idiots

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My village (near cambridge), has been super slow since the Brexit. Before the Brexit, houses were flying off the shelves.

I know a lot of these new builds are bijou and I get that this off-site construction means they arrive in modules, but houses on shelves is a bridge too far for me. I'm out.

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My village (near cambridge), has been super slow since the Brexit. Before the Brexit, houses were flying off the shelves.

Sounds like eager buyers were falling over themselves like hotcakes to snap up a bargain! Until they weren't.

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Sentiment turning from pessimism to desperate. I need to buy. Offer 10% below asking rejected. Vendor has already "bought" elsewhere so needs to sell. EA's other "interested buyer" has already "sold" their house, but not for enough to match our 10% below offer.....EA says they are trying to negotiate their "already sold" price upwards to compete. So another sale about to fall through. Meanwhile, another house we wanted to bid on that went under offer 3 weeks ago is now back on market at same price. Suddenly, 10% below valuation looks unduly reckless for a buyer. Market has turned. The 1 April 3% stamp duty surcharge probably also a factor. Starting to think this is a bad time to buy.

Anecdotal, but......

Edited by ingermany

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All good news for the BOE. That'll not be the reason they drop rates in two weeks.

Remember they don't target the housing arrest with policy .

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All good news for the BOE. That'll not be the reason they drop rates in two weeks.

Remember they don't target the housing market with policy .

Edit button missing

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Does not compute.

Money lenders NW say prices going up.

Does not compute.

Exactly Count, the NW figures make no sense!

If mortgage approvals are down, transactions massively down, sentimentality massively turned around...how on earth have NW reported an increase???

But hey who'd have thought a VI mortgage lender would want the prices to look like they're still going up...It's almost as if they've rigged it ;)

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Exactly Count, the NW figures make no sense!

If mortgage approvals are down, transactions massively down, sentimentality massively turned around...how on earth have NW reported an increase???

But hey who'd have thought a VI mortgage lender would want the prices to look like they're still going up...It's almost as if they've rigged it ;)

Lower volumes of higher value priced property.

Edited by Northern Welsh Midlander

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