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Realistbear

Mortgage Lending Down In January--large 14% Drop

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http://www.whatmortgageonline.co.uk/news1/...p?unqueid=16371

House buying activity hit a seasonal lull in January as mortgage lending dipped 14 per cent below the figure for December.

If there was a lull in house buying how can Rightmove say there was a surge? Are the VIs contradicting themselves?

The 'surge' was the increase January sales on a year earlier, Jan 2005 figures.

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http://www.whatmortgageonline.co.uk/news1/...p?unqueid=16371

House buying activity hit a seasonal lull in January as mortgage lending dipped 14 per cent below the figure for December.

If there was a lull in house buying how can Rightmove say there was a surge? Are the VIs contradicting themselves?

Why not read the whole article?

i quote:

The figures from The Council of Mortgage Lenders (CML) showed that lending was down on December’s £26.9 billion, but shows it is nearly a third higher than the £17.4 billion loaned in January 2005 making it the highest January lending figure on record.

Edited by beenhearingthisforyears

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Why not read the whole article?

i quote:

The figures from The Council of Mortgage Lenders (CML) showed that lending was down on December’s £26.9 billion, but shows it is nearly a third higher than the £17.4 billion loaned in January 2005 making it the highest January lending figure on record.

I think the main point was that the 14% drop contradicts Rightmove's claim that there was an increase in sales. One says a "lull" the other claims "property flying off the shelves." The increase over January 2005 was based on a record low baseline. The trend line is more meaningful IMHO.

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I think the main point was that the 14% drop contradicts Rightmove's claim that there was an increase in sales. One says a "lull" the other claims "property flying off the shelves." The increase over January 2005 was based on a record low baseline. The trend line is more meaningful IMHO.

IT WAS THE HIGHEST JANUARY FIGURE ON RECORD

So what if it was down from Dec, the fact that it was the highest ever recorded Jan figure is quite significant.

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IT WAS THE HIGHEST JANUARY FIGURE ON RECORD

So what if it was down from Dec, the fact that it was the highest ever recorded Jan figure is quite significant.

Again, its the fact that there was a "lull" is significant because it stands in stark contrast to Rightmove's claim of a surge in house buying. In any event, a significant amount of mortgage activity is for re-mortgages and not new purchases. The "lull" of 14% may reflect a slow down generally.

http://www.myfinances.co.uk/property/obtai...36;15163538.htm

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Say 50 canny got a mortgage in January 1997

and then 50 Neutral investors got a mortgage in January 2001

and 50 mugs got a mortgage in January 2006

It would be pointless comparing these figures as the market has gone up 2-3 times in that period so everybody whether ftb or people moving up the chain would require 3 times the mortgage they would have in 1997.

So saying the third highest on record is meaningless.

Edited by since the beginning

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We are rrying to get our deeds from the woolwich and they said it would take 5-7 days and that was 3 weeks ago. Apparently they have such a backlog it is taking at least 3 weeks.

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The recent financial news does admit to a great deal of re-mortgaging going on in the light of the BoE indicating no cut in rates anytime soon. The point of the post was to show that there was no increase in mortgage activity in January compared with December which is contrary to the Rightmove data that said there was a big pick up in buying activity in January. As most people buying have a mortgage you would think there would have been an increase in mortgage activity in January.

Edited by Realistbear

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Exactly, this is indeed bad news for bears in the short term and the figures are bourne out by the ease with which property is selling atm round my neck of the woods, alas.

The truth is, we've got at least another 18 months or thereabouts, before the HPC begins in earnest. Scrabble anyone?

I don't see much shifting round these parts (Worcs.) despite plenty of price reductions.

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Exactly, this is indeed bad news for bears in the short term and the figures are bourne out by the ease with which property is selling atm round my neck of the woods, alas.

The truth is, we've got at least another 18 months or thereabouts, before the HPC begins in earnest. Scrabble anyone?

I think you may have a little longer than that to wait.

Maybe after the election. But there may be a dose of inflation between then and now which may mean little or no nominal fall in prices.

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  • 302 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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