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UK banks' mortgage approvals hit nine-month high in March

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https://uk.reuters.com/article/uk-britain-economy-lending/uk-banks-mortgage-approvals-hit-nine-month-high-in-march-uk-finance-idUKKCN1S20VC

Quote

 

LONDON (Reuters) - British banks last month approved the greatest number of mortgages since June 2018, a tentative sign that the worst of the housing market’s slowdown ahead of Brexit may have passed, data showed on Friday.

Seasonally-adjusted data from the UK Finance industry body showed banks approved 39,980 mortgages in March, up 6 percent on a year ago and compared with 39,207 in February.

 

 

 

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Correct me if I am wrong but wasn't there a massive spike in sales in march 2017 or 2016 which would have be financed by 2or 3 yr fixed rate mortgage which switch to save this month hence a natural spike in remortgages?

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1 minute ago, jigsaw said:

yes that rings a bell, i also thought it would be the capital gains tax changes and the the introduction of section 24 of the finance act causing more self employed landlords to incorporate.

anyway, my theory holds some weight, 3 yr fixed rate deals come to an end and people naturally renew with another 3yr fixed rate. Not a general sign that the market is boyant, just cyclical.

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5 hours ago, PeanutButter said:

Until ~2002ish, received wisdom was that the UK needed ~80k mortgages/month to stop house prices falling.

Of course, then loads of cannt LL investor piled in, distorting the market. As long as they dont all leave a tthe same time we are safe ...

 

~40k/month barely covers the horses of low paid Roma car washers piling into the UK to claim TCs.

 

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If these are remortgages in my book they don;t count......as a new mortgage

 

But excuse me for getting in the way of some suits and spoiling their propaganda by highlighting their disingenuity

Edited by Spindler

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Scumbag DEBTjunkies exit the market (and ideally noose up on the way out) 

 

Highest paid renters buy up the hovels from the vermin

 

rents among the remaining scumbag DEBTjunkies fall

 

The more noosing up the better, obvs

 

 

 

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2 hours ago, PeanutButter said:

I dont doubt LL are selling. Anyone who can do the most basic marhs woule, looking at s24, would have done so - see blandys sell now, sell everything.

Of course 'understanding properdee' leaves no spare brain for understanding tax n percentages...

So, I think the number of private rentals ought to be shrinking....

However... on my walk  back from buying beer, i stood at crossrd and saw anotyer To Let had been added to the 4 other To Lets i can see.

So, the rental sector is not shrinking faster than the number tenants - id guess UC n LHA is at play.

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Another news this week

 

Quote

 

London property sales have plunged by 20% since 2015

Property sales across cities in southern England have dropped by an average of 13 per cent in the same time frame, according to Zoopla’s index.

By contrast, transactions in Liverpool have increased by 19 per cent over the same period and those in Newcastle have increased by five per cent.

As well as a big jump in sales, Liverpool also had the strongest annual house price growth in March.

ES

 

 

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12 hours ago, rollover said:

Another news this week

 

 

MMR,  meet 90% of the London population earning a lot less than 35k.

London pop earning a lot less than 35k meet MMR.

 

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12 hours ago, rollover said:

Another news this week

 

 

northern rises are just ripples from the South east and london boom......throw a stone in a pond and see how far that ripple goes...look back to the original impact point...nothing...

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Those ripples are still quite crushing for those of us in the north who face either handing over a sizeable chunk of money or putting our lives on hold for another 2 years playing fall catch-up.

More worringly in that period if the gov tries to save the south they might introduce more measures that push things round here.

 

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They've already done the "saving the south and London" and now they don't have any voters....

 

Like the tide going out..when the pull back comes it will be brutal for those who overpaid....you say "life on hold" why ...to switch from renting to essentally renting from the bank ?

I'll tell you from the 90's what "life on hold" was...negative equity....couple splitting up and not being able to split financially.....being made bankrupt because that girl you loved has legged it and stopped paying her share of the mortgage and bills.....

The difference is this time those who bought at peak will not have a decade of rising prices to solve their problems....quite the opposite.....a permanent life on hold....and anger as they see new neighbours who bought for a fraction of what they did...if they havent actually thrown in the towel and handed back the keys and gone bankrupt....please heed my words....enjoy the next 2 years don;t let FOMO ge the better of you...that time is long past....

Edited by Spindler

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17 hours ago, spyguy said:

~40k/month barely covers the horses of low paid Roma car washers piling into the UK to claim TCs.

And there it is, got to drop it in wherever you can.

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3 minutes ago, thewig said:

Bit racist mate?

I too like to drop random stereotype comments about poor Romanians stealing our wimmin and jobs and benefits in to every thread I can. It's not racist because Romanian is not a race. Wink wink.

Edited by dugsbody

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On 27/04/2019 at 08:04, spyguy said:

MMR,  meet 90% of the London population earning a lot less than 35k.

London pop earning a lot less than 35k meet MMR.

 

Ha ha ha love it. I wonder how we could directly measure the effect of MMR: would be nice to see sizes of mortgages being taken out shrinking to meet average salaries

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2 hours ago, Sausage said:

Ha ha ha love it. I wonder how we could directly measure the effect of MMR: would be nice to see sizes of mortgages being taken out shrinking to meet average salaries

well the thing is....in London and the SE the case for many is they literally cannot buy...until prices drop to meet them....perhaps this is clearly being indicated in the massive drop in transactions......many of the actual  transactions may be just big equity holders and above average earners......

The fact this is being discussed: (below) "whether savers should be allow to dip into their pensions to pay for a house deposit."

shows the vested interests are desperately looking around for some more fuel for their ponzi scheme....rather than accept the party is over....its much like a party thats run out of booze and theyare  ransacking the cupboards looking for more...

If they do this below....you can kiss everything goodbye...the mentality in this country means we would go full on tsunami mega ponzi.....but there is a whole industry of tory buddies out there who would lobby against this because pensions is their gravy train...scary fact i believe what they are proposing has been allowed in canada for some time

FT: Property Prices Must Drop To Save Market

We should all be worried about a number of conversations regarding the property market that are going on in the corridors of power. These concern whether buy-to-let investments should be allowed in pensions, and whether savers should be allow to dip into their pensions to pay for a house deposit.

 

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2 hours ago, Sausage said:

Ha ha ha love it. I wonder how we could directly measure the effect of MMR: would be nice to see sizes of mortgages being taken out shrinking to meet average salaries

You see it inthe mortgage approvals numbers - 40k.

20 odd years ago, a dip below ~80k/month was a sign of dumb and crash.

And the UK has had ~10m more 'residents' since then.

Property ownership is concentrated in the over 50s, to an extent that has never been seen before.

The over 50s die at a much higher rate than the under 40s.

There's a large number of towns where the market will be driven by probate.

 

 

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speaking of extra fuel the reason i would like george osbourne to be locked up for malfeasance in public office(not going to happen..just a dream) is HTB was extra fuel...it was so plainly obvious rather than prices adjust to what people could afford he came up with that and all it meant was extra debt for the buyers of all property....when it jumped almost immediately 20% and carried on.rising due to sentiment and credit availability....

Prices had just about stabilised because of lowered rates and then he did this to get a feel good factoru in his voter base to get him and dave reelected...we now have seen the distortions via the mega profits and bonuses in the housebuilders....tory buddies...

Osbourne promised to put a pin in labours housing bubble and did the exact opposite...the man is a snake....

He alone is responsible for exposing the economy to a mega shock and he hired the stooge Carney to underpin his "nice little housing boom"

As i've said before i suspect both he and Cameron are person non grata in the tory party....the wheels coming of the property market which lets face it are the economy in the UK and cameron with his referendum that blew up in his face have caused the problems the tories now face and that is an existential threat to the whole party.....if peter hitchens is right and the only thing that concerns the tories is being in power...osbourne and cameron basically acted like 5th columnists and have destroyed the party from within in a very short space of time.....

Let's face it from the tory perspective if there had been no referendum or it had at least been thought out better and there had been no "little housing boom" the tories would be in a much better situation and the steam would have come out of a dangerous property bubble long ago...

The fact their own policies like S24   then MMR coming over the horizon were always going to be like gelignite to their other policies just highlights what a stupid game they have been playing,,,,because it obviously became evident they were losing their voter base as people were locked out of homeownership....tories and their banker chums want the poor soaked in debt but preferably as OO's because OO's vote tory....millions of renters DO NOT......they really are a **** show of a party....because whichever way you look at it....a population soaked in debt or paying high rents doesnt have any money left so the velocity of money drops out of the economy....

they really couldnt run a whelk stall and they position themselves as the competent economic party

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3 minutes ago, Spindler said:

speaking of extra fuel the reason i would like george osbourne to be locked up for malfeasance in public office(not going to happen..just a dream) is HTB was extra fuel...it was so plainly obvious rather than prices adjust to what people could afford he came up with that and all it meant was extra debt for the buyers of all property....when it jumped almost immediately 20% and carried on.rising due to sentiment and credit availability....

Prices had just about stabilised because of lowered rates and then he did this to get a feel good factoru in his voter base to get him and dave reelected...we now have seen the distortions via the mega profits and bonuses in the housebuilders....tory buddies...

Osbourne promised to put a pin in labours housing bubble and did the exact opposite...the man is a snake....

He alone is responsible for exposing the economy to a mega shock and he hired the stooge Carney to underpin his "nice little housing boom"

As i've said before i suspect both he and Cameron are person non grata in the tory party....the wheels coming of the property market which lets face it are the economy in the UK and cameron with his referendum that blew up in his face have caused the problems the tories now face and that is an existential threat to the whole party.....if peter hitchens is right and the only thing that concerns the tories is being in power...osbourne and cameron basically acted like 5th columnists and have destroyed the party from within in a very short space of time.....

Let's face it from the tory perspective if there had been no referendum or it had at least been thought out better and there had been no "little housing boom" the tories would be in a much better situation and the steam would have come out of a dangerous property bubble long ago...

The fact their own policies like S24   then MMR coming over the horizon were always going to be like gelignite to their other policies just highlights what a stupid game they have been playing,,,,because it obviously became evident they were losing their voter base as people were locked out of homeownership....tories and their banker chums want the poor soaked in debt but preferably as OO's because OO's vote tory....millions of renters DO NOT......they really are a **** show of a party....because whichever way you look at it....a population soaked in debt or paying high rents doesnt have any money left so the velocity of money drops out of the economy....

they really couldnt run a whelk stall and they position themselves as the competent economic party

Gidiot could have done more . But he bolted it.

If hed come in, bumped up TC hours to over 30, then sorted out benefits for EUers then hed probably been PM by now, looking at another 10 years of majority.

The pair of them chickened it, tinkering around the huge blow up of Brown's credit boon.

HTB, idiotic as it is, is just a minor bit of crp.

Brown had done the damage by then.

On his pros side, he oversaw MMR (that was probably the BoE, moving after being beaten down by Brown n Balls).

And he pushed thru the S24 changes, which, frank,y, ought to have come in in 2010.

 

 

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  • 293 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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