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Bruce Banner

Mortgage approvals up.

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http://uk.reuters.com/article/uk-britain-lending-idUKKBN13O0VD

Nov 29 Lending to Britons expanded last month at the fastest annual pace in 11 years and mortgage approvals were stronger than expected, bolstering the picture of resilient consumer demand after June's Brexit vote.

Consumer credit increased last month by 1.62 billion pounds, up from 1.48 billion pounds in September and taking the annual growth rate to 10.5 percent - the strongest since October 2005, Bank of England data showed on Tuesday.

Mortgage approvals for house purchases increased to 67,518 in October from 63,594 in September. Analysts in a Reuters poll had forecast 65,000 mortgage approvals were made in October.

Britain's economy has performed much better than most economists had expected in the immediate aftermath of June's vote to leave the European Union, with households showing few signs of being fazed by the referendum result.

Less comprehensive figures from the British Bankers' Association also showed consumer lending grew in October at the fastest pace in nearly 10 years.

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2 minutes ago, Bruce Banner said:

As BTLs are sold, at reducing prices to owner occupiers, mortgage approvals will rise.

I'd be very interested to know what percentage of new mortgage approvals were BTL?

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29 minutes ago, Mapatasy said:

 

Quote

 While the economic outlook is uncertain, solid labour market conditions and historically low borrowing costs should provide support to buyer confidence. Moreover, the relatively low number of homes on the market and modest rates of housing construction are likely to keep the demand/supply balance fairly tight, even if economic conditions weaken in the quarters ahead, as most forecasters expect

 

demand and supply innit? We will know in two days time when the new report is released

Edited by hi5lo5

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28 minutes ago, Bruce Banner said:

Indeed.

 

As BTLs are sold, at reducing prices to owner occupiers, mortgage approvals will rise.

We had all that in 2008...people saying as price fall mortgage approvals will rise.

What we actually was a the sect of the BTLERS buying up any property at any price with borrowed QE money, out pricing just about everyone, i..e those joining the pyramid scam and those already in it.

 

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1 minute ago, TheCountOfNowhere said:

We had all that in 2008...people saying as price fall mortgage approvals will rise.

What we actually was a the sect of the BTLERS buying up any property at any price with borrowed QE money, out pricing just about everyone, i..e those joining the pyramid scam and those already in it.

 

 

But this time BTL seems to be in decline.

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I was talking to my sister at the weekend (funeral brought all the family together) and apparently she has sold her £1,050,000 3 bedroom property in Peckham for close to asking, well under offer at least. People still want to pay silly money. I was left speechless when she told me that she had created £300,000 of wealth for the country from HPI. Clever clever :rolleyes: I didn't bite. 

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All depends who is buying with a mortgage.....many more now able to own one, or the few just leveraging up  adding to the ones they already have.;)

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26 minutes ago, btd1981 said:

Rush to beat imminent closure of help to buy?

Rush to beat the threat of increased mortgage interest rates?

People are just lemmings?

 

TPTB always seem to be setting a deadline.

Meanwhile, on rightmove, no end of stuff falling through, no end of price drops. No end of over priced sh*te up for sale.


As I said earlier...the bankers have another £100B to dish out to any much that will take it...less their commission and interest of course.

The bankers have lost all forms of reality and are just fueling a ponzi with our futures.  

 

It's proper railway mania mark 2.

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I think we just have to accept that, for the majority of the population, the estate agent would actually have to point a gun at their face during a viewing and threaten to blow the contents of their heads over the feature wall if they put in an offer, before they were remotely discouraged from stretching to the maximum mortgage they could obtain.

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A rate hike now would cost 200,000 jobs and benefit almost nobody, says Bank of England policymaker Jerkoff Valiantly.

http://www.telegraph.co.uk/business/2016/11/28/rate-hike-now-would-cost-200000-jobs-says-bank-england-policymaker/

Quote

Hiking interest rates now would push up unemployment by 200,000 and benefit almost nobody, Bank of England policymaker Gertjan Vlieghe has warned.

A rate rise would help the Bank hit its target of keeping inflation at 2pc by the end of 2019 - something which is likely to be missed as the weaker pound pushes up import prices over the coming years.

But he believes the price of higher unemployment is not worth paying.

“The economy would be £15bn smaller, with around 200,000 more people unemployed at the end of 2018. This would have been the price to pay to avoid having inflation still at half a percentage point above the target in three years’ time,” he said, speaking at Sheffield University.

“The Monetary Policy Committee could, if it decided to, try and bring inflation back to target more rapidly. But, collectively, we decided not to.”

 

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8 hours ago, TheCountOfNowhere said:

TPTB always seem to be setting a deadline.

Meanwhile, on rightmove, no end of stuff falling through, no end of price drops. No end of over priced sh*te up for sale.


As I said earlier...the bankers have another £100B to dish out to any much that will take it...less their commission and interest of course.

The bankers have lost all forms of reality and are just fueling a ponzi with our futures.  

 

It's proper railway mania mark 2.

Had a number of viewings this week with a few agents. Apparently a lot of chains are breaking. This causing a real slowdown now. Stuff is sticking. BTL is a thing if the past. Their diaries are empty, I can get a viewing any day any time. It might be time to try a really low ball offer... Something like 25%... I mentioned I was in rented chain free, had my hand bitten off. HPCer on a bargain hunt.

Edited by GreenDevil

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