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Converted Lurker

Mortgage Lending In March Up 26% On February - Cml

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Gross mortgage lending in March reached £28.3 billion - an increase of 26% on the previous month, according to the latest data from the Council of Mortgage Lenders (CML). This is the highest March lending figure on record and is 34% higher than the £21.2 billion lent in March 2005.

Lending usually starts to pick up in March from the lull in house buying activity during the winter months. But lending has been unseasonally strong throughout the winter, producing five consecutive monthly record lending figures.

http://firstrung.co.uk/articles.asp?pageid...1789&cat=47-0-0

Edited by Converted Lurker

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MEW? Rics say sales slow in many regions which suggests widespread borrowing may be to pay off loans. Nearly all the ads on TV these days are inviting people to consolidate with a MEW. The message is obviously getting through--refinance your debt.

How many OO's are taking on new loans at fixed rates in view of the upcoming IR hikes?

"
Mortgage approvals remain high, but the upward trend in seasonally adjusted approvals for house purchase witnessed over the past year seems to be drawing to an end.
This suggests underlying activity is peaking and is in line with our forecasts.
However, we expect remortgaging to remain strong and support a robust level of lending throughout the the spring and summer
."

http://firstrung.co.uk/articles.asp?pageid...articlekey=1789

:blink:

Edited by Realistbear

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MEW? Rics say sales slow in many regions which suggests widespread borrowing may be to pay off loans. Nearly all the ads on TV these days are inviting people to consolidate with a MEW. The message is obviously getting through--refinance your debt.

How many OO's are taking on new loans at fixed rates in view of the upcoming IR hikes?

Yep I`m with you, strip out mew and perhaps the figures would not be as impressive. However, I`ve met two highly placed players in the industry who believe the mew game will not be up for a decade or more..

BTW, that`s the CML press release word for word, perhaps I should have made that clear

Edited by Converted Lurker

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Gross mortgage lending in March reached £28.3 billion - an increase of 26% on the previous month, according to the latest data from the Council of Mortgage Lenders (CML). This is the highest March lending figure on record and is 34% higher than the £21.2 billion lent in March 2005.

Lending usually starts to pick up in March from the lull in house buying activity during the winter months. But lending has been unseasonally strong throughout the winter, producing five consecutive monthly record lending figures.

http://firstrung.co.uk/articles.asp?pageid...1789&cat=47-0-0

OK

House prices "stabalized" but mortgage lending went up dramatically.

This means that overall money is being withdrawn from the housing market in exchange for debt. (mew) Or to put it another way, the banks own a higher percentage of the housing equity, and simply the average home owner is in more debt.

This puts the market in even a more precarious position

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I'm afraid it's another dire day for those of us waiting patiently. Mortgage lending booming, inflation falling despite all the odds.

It looks like nothing can stop the crazy housing market now.

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CML Press Release

Remember that this reflects mortgages that were completed in March. The forward looking indicator is mortgage approvals and there are first signs of a new downturn in that figure.

From the CML Director General:-

Mortgage approvals remain high, but the upward trend in seasonally adjusted approvals for house purchase witnessed over the past year seems to be drawing to an end. This suggests underlying activity is peaking and is in line with our forecasts. However, we expect remortgaging to remain strong and support a robust level of lending throughout the the spring and summer.

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OK

House prices "stabalized" but mortgage lending went up dramatically.

This means that overall money is being withdrawn from the housing market in exchange for debt. (mew) Or to put it another way, the banks own a higher percentage of the housing equity, and simply the average home owner is in more debt.

This puts the market in even a more precarious position

Many of us have mewed to buy investments abroad, thereby generally improving our net worth.

Buying abroad is the new B2L, some of u dont seem to recognise the extent of this movement, and Im not talking Spain here.

Thankfuly many Brits can cope with risk. Risk taking is what gave this country its wealth in the first place, it didnt just happen by magic.

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Many of us have mewed to buy investments abroad, thereby generally improving our net worth.

Buying abroad is the new B2L, some of u dont seem to recognise the extent of this movement, and Im not talking Spain here.

Thankfuly many Brits can cope with risk. Risk taking is what gave this country its wealth in the first place, it didnt just happen by magic.

I think most of us would agree with you that risk taking is necessary. As Del Boy says: He who dares wins.

But................there is also another maxim risk takers and all investors must follow: buy low and sell high.

The key is knowing when to sell. Usually well before the bust side of the boom cycle. Late 2004 would have been ideal for houses in the UK.

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Anyone know when the March BoE “mortgages approved for house purchase” (LPMVTVU and LPMVTVX) figures are due out? They provide a nice "preview" of upcoming HPI.

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I think most of us would agree with you that risk taking is necessary. As Del Boy says: He who dares wins.

But................there is also another maxim risk takers and all investors must follow: buy low and sell high.

The key is knowing when to sell. Usually well before the bust side of the boom cycle. Late 2004 would have been ideal for houses in the UK.

Exactly why me and millions of others are buying abroad into cheap markets using MEW.

Another maxim is 'luck favours the brave'. It tickles me how the pesimists always overdo the downside of investing abroad and cast if off as muppet folly just as they did UK B2L in the 1990s.

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Thanks Surrey. I must bookmark the CML diary, it’s excellent! :)

Hi Spline

This is really good as well, for letting you know when things are happening. and it gives lots of useful numbers.

http://www.hm-treasury.gov.uk/economic_dat...indic_index.cfm

Page one

APRIL			Wed	19	MPC Minutes 	Thu	20	Consumer Price Indices - Mar	Mon	24	Public Sector Finances - Mar		Retail sales - Mar		M4 (provisional) - Mar	Tue	25	CBI Quarterly Industrial Trends Survey	Wed	26	Index of Services- Feb		GDP Preliminary Estimate 2006 Q1		Motor vehicle production - Mar	MAY			Mon	1	CIPS Report on Manufacturing 	Tue	2	M0 provisional - Apr		CIPS Report on Construction 	Wed	3	CIPS Report on services 	Thu	4	MPC announcement		M4 - Mar		Lending to individuals - Mar	Mon	8	M0 - Mar		Producer Price Indices - Apr	Wed	10	Overseas Travel and Tourism - Mar		UK Trade - Mar		Inflation report 	Thu	11	Index of Production - Mar	Tue	16	Consumer Prices Indices - Apr	Wed	17	Labour Market Statistics - Jan-Mar		MPC minutes 	Thu	18	Retail sales - Apr	Fri	19	M4 provisional - Apr		Public Sector Finances - Apr	Wed	24	Business investment - Prov	Thu	25	Motor Vehicle Production - Apr		Index of Services - Mar		UK Output, Income and Expenditure - Q1	Wed	31	M4 - Apr		Lending to Individuals - Apr	

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  • 301 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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