UK mortgage approvals at highest level in 13 years

[PeanutButter]

 

https://www.theguardian.com/business/2021/jan/04/uk-mortgage-approvals-highest-level-13-years

UK mortgage approvals have risen to the highest level in 13 years, driven by the government’s stamp duty holiday and buyers reassessing their living situation during the coronavirus pandemic.

Figures from the Bank of England showed the number of mortgages approved by banks and building societies for home purchases had leapt to 105,000 in November – the highest figure since August 2007, the month immediately before queues formed outside branches of Northern Rock at the start of the financial crisis.

Threadneedle Street said the number of monthly approvals had increased by 7,700 on October’s level, reflecting a boom in the mortgage market during the month when rapid growth in Covid infections led the government to impose a second national lockdown in England.

 

[TheCountOfNowhere]

Hhhhmmmmmmm.........

 

 

Maybe this should read...mortgage approvals at all time low.

 

       

[anonguest]

Is there data to show a breakdown of types of mortgages or applicants, i.e.  how many for first time buyers, how many going to people alreasy with at least one property, etc ?

 

EDIT UPDATE:  I see it partly answered by Count of Nowhere in post above, which I just missed by seconds

Edited January 4 by anonguest

[PeanutButter]

 

Is there data to show a breakdown of types of mortgages or applicants, i.e.  how many for first time buyers, how many going to people alreasy with at least one property, etc ?

https://www.bankofengland.co.uk/statistics/money-and-credit/2020/november-2020 TLDR

[winkie]

Stamp duty holiday has only brought forward actions to move or buy.....when removed there will be a lag in purchasing like a time line of more concentration.......then relax, nothing much will be happening.

SD is a tax on wealth........why are we removing wealth tax and continue to tax income and expenditure?........does not encourage, work or spending........why work when assets held and wealth will pay?

[spyguy]

 

Stamp duty holiday has only brought forward actions to move or buy.....when removed there will be a lag in purchasing like a time line of more concentration.......then relax, nothing much will be happening.

SD is a tax on wealth........why are we removing wealth tax and continue to tax income and expenditure?........does not encourage, work or spending........why work when assets held and wealth will pay?

Indeed.

Headlines needs to read:

 

Number of mortgages sold in Nov 2020 include Jan-Jun 2021 mortgages too.

Its not going to be nice after March.

 

 

[markyh]

 

Indeed.

Headlines needs to read:

 

Number of mortgages sold in Nov 2020 include Jan-Jun 2021 mortgages too.

Its not going to be nice after March.

 

 

I was thinking this. Is the 2020 stamp duty holiday going to be the September 1988 MIRAS withdrawal moment for the 21st centrury? 

That would make the 2020's the 1990's, so 2025/26 would be peak doom and gloom 50% down from 2020, nobody makes money in property, houses only lose money. Everything said to me in 1996. To which my reply was, ..............the mortgage is cheaper PCM than renting, why wouldn't i buy?   

Luckily 2025 is the next Bitcoin bull run and a 7 figure Bitcoin, so as i would have been mortgage free from 2021, i shall be buying a lot of Houses for cash, maybe very low leveraged within a ltd company, to build my Section 24 resistant empire.