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Saving For a Space Ship

  Mortgage sales down sharply by 10.8 % mom  - dropped by £1.8bn

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I had a mortgage approval all signed off in 2014 but then the sale fell through. There was no fee so I didn't take a hit apart from all the wasted time, and I forgot all about it. Now though I am getting increasingly frequent and desperate-sounding emails from the broker wanting to know am I ready to go around it again. pretty please?

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1 hour ago, Si1 said:

1410434019389_wps_1_Former_Labour_Prime_

He was the ultimate.Still amazed he never received awards for his slick gold trading at the bottom of the market.

 

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3 minutes ago, Princekie said:

Does this mean that right now might be a bad time to buy a home???

No, get in, before you miss out.  

One think i've learnt being on HPC, is prices only every go up, London is different and you can get blood out of a stone ( so long as you mortgage the stone then get young people to rent the stone from you ).

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2 hours ago, TheCountOfNowhere said:

No, get in, before you miss out.  

One think i've learnt being on HPC, is prices only every go up, London is different and you can get blood out of a stone ( so long as you mortgage the stone then get young people to rent the stone from you ).

That's what I thought. I'll empty all of my kids piggy banks tonight, put myself in for some treble shifts at work for the next twelve years and tell the estate agent that the three bed house ex-BTL (bought for £30,000 in 2001, now on market for £200,000) "that needs extensive work" in a remote village is looking like a go-er.

Tally ho!

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4 hours ago, Sancho Panza said:

He was the ultimate.Still amazed he never received awards for his slick gold trading at the bottom of the market.

 

why keep gold when the gold standard was abolished  1971 , i guess he thought why are we keeping all the heavy yellow crap.

he could of got it worse like chucking it in the sea 

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Thanks for the video, I was too young at the time to appreciate that. I didn't know things people are saying / thinking now were said at all by anyone back then!

Edited by Arpeggio

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9 minutes ago, Arpeggio said:

Thanks for the video, I was too young at the time to appreciate that. I didn't know things people are saying / thinking now were said at all by anyone back then!

It was late 80s when the proverbial hit the fan. Although I was quite young at the time, I clearly remember the sentiment.

I also saw the damage first hand. My uncle had invested heavily in property and shares, taking out large loans and using equity on his properties. By 1991 he'd lost everything. I also remember about that time seeing a family in my village get their home repossessed. Seeing possessions lined up on the pavement, and the young daughter crying her eyes out. 

So just to clarify my position, and my earlier posts, I've seen what happens when the crowd believe in one movement, then stampede towards the exits reaching for the parachutes when the market turns. Anyone that truly believes that this housing price inflation/cheap credit/stagnation bubble will just keep on rolling is going to be in for a shock.

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I remember my neighbor at the time got repossessed and in his final days at the house before they changed the locks, he took all the doors, light fittings, cabinets etc off and loaded then in a little trailer before he drove off in his Vauxhall cavalier. He did have two cars but one of those was taken away the week before the house. 

 

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9 hours ago, Saving For a Space Ship said:

  Mortgage sales down sharply down 10.8 % mom  

https://www.ftadviser.com/mortgages/2017/08/22/mortgage-sales-down-sharply/

 

Interestingly the article says:

Quote

"Residential sales dropped by 12.8 per cent to £12.2bn, while buy-to-let dipped by 0.2 per cent to £2.6bn, according to Equifax Touchstone. "

So it is not BTLers now but owner occupiers who have pulled back?! That would seem more significant than drops in the much smaller BTL portion of the market. (From memory we have already seen a decent pull back in BTL?)

 

Quote

Matthew Harris, director at Edinburgh-based Harris Financial Advice, commented: “I would say we have seen a decrease in our mortgage business, which is due to a few factors such as uncertainty over Brexit and the impact filtering through to the market of higher stamp duty rates in Scotland putting a lot of people off moving, and the continued impact of the buy-to-let tax changes.

 

No Matty, apparently not!

 

A vested interest in the article is suggesting it shows that the mortgage market is typically volatile. One says that there is often a drop in July. Anyone happen to know if a drop is often that large in July?

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I think it is important to know how volatile mom numbers are because the article does say that yoy lending is up 10.8%. The hope needs to be that we are witnessing a turning point that will start showing in the yoy numbers in the coming months.

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12 hours ago, AdamoMucci said:

I think it is important to know how volatile mom numbers are because the article does say that yoy lending is up 10.8%. The hope needs to be that we are witnessing a turning point that will start showing in the yoy numbers in the coming months.

The interesting thing from the article is the headline went with the decline MoM and not the increase YoY, sentiment has  definitely changed in the media

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15 hours ago, Princekie said:

It was late 80s when the proverbial hit the fan. Although I was quite young at the time, I clearly remember the sentiment.

I also saw the damage first hand. My uncle had invested heavily in property and shares, taking out large loans and using equity on his properties. By 1991 he'd lost everything. I also remember about that time seeing a family in my village get their home repossessed. Seeing possessions lined up on the pavement, and the young daughter crying her eyes out. 

So just to clarify my position, and my earlier posts, I've seen what happens when the crowd believe in one movement, then stampede towards the exits reaching for the parachutes when the market turns. Anyone that truly believes that this housing price inflation/cheap credit/stagnation bubble will just keep on rolling is going to be in for a shock.

You are the Count of Nowhere and I claim my tax free unearned mega gainz in a london pwopatee

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3 hours ago, TheCountOfNowhere said:

You are the Count of Nowhere and I claim my tax free unearned mega gainz in a london pwopatee

No problem.

I have a deceptively spacious 0.3 bedroom house behind Texaco, near the m25 slip road just waiting for a realistic purchaser. I've already been to b and m, bought the "home is where the heart" is plastic wall mountings, and stuck scented candle in the 0.1 m² living room.

Offers over £800,000 and it's yours!

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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