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Converted Lurker

Mortgage Approvals Fall By 8% In April

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Commenting on the mortgage market, Adrian Coles, Director-General of the BSA said:

"Gross advances were the highest April figure for three years. However, net advances were down slightly on the same month last year. Approvals (loans agreed but not yet made) fell by 8% compared to April 2006. This is the first year on year fall since July 2005 - the month preceding the last cut in interest rates. "The lending figures suggest that the effects of the four rate rises since August 2006 are beginning to show. However, with the reasonably strong economic outlook, we expect lending to remain robust throughout the remainder of the year, although another interest rate rise could dampen growth further."

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

Edited by Converted Lurker

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Guest grumpy-old-man
Commenting on the mortgage market, Adrian Coles, Director-General of the BSA said:

"Gross advances were the highest April figure for three years. However, net advances were down slightly on the same month last year. Approvals (loans agreed but not yet made) fell by 8% compared to April 2006. This is the first year on year fall since July 2005 - the month preceding the last cut in interest rates. "The lending figures suggest that the effects of the four rate rises since August 2006 are beginning to show. However, with the reasonably strong economic outlook, we expect lending to remain robust throughout the remainder of the year, although another interest rate rise could dampen growth further."

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

there will be no IR cuts this time though to save their ar$es. :lol:

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Guest d23
Commenting on the mortgage market, Adrian Coles, Director-General of the BSA said:

"Gross advances were the highest April figure for three years. However, net advances were down slightly on the same month last year. Approvals (loans agreed but not yet made) fell by 8% compared to April 2006. This is the first year on year fall since July 2005 - the month preceding the last cut in interest rates. "The lending figures suggest that the effects of the four rate rises since August 2006 are beginning to show. However, with the reasonably strong economic outlook, we expect lending to remain robust throughout the remainder of the year, although another interest rate rise could dampen growth further."

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

these figures are from the BSA, not the CML

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Guest Bart of Darkness
You sound like Darth Vader in episode IV!

"See to it personally, Commander. There'll be no one to stop us this time."

Or, as Vader again, during the attack on the Death Star, about to blast Luke into oblivion.

"I have you now".

Question is, is there a "Han Solo" for HPI, appearing out of nowhere at the last minute to save it?

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Guest d23
Eh? -8% YOY is +18% YOY?

theres some confusion in this thread about which figures are being commented on

BSA shows an 8% drop in approvals but highest gross advances for 3 years (around + 6% yoy)

CML shows 18% up yoy in gross advances (no mention of approvals yet)

BSA represents all building societies, CML represents 98% of all residential lenders

will be interesting to see BOE approvals when they are announced

Edited by d23

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Guest Bart of Darkness
"The tighter you clench your interest rates, the more goods will slip from your inflation basket" - apologies to Princess Leia.

:lol:

Or how about

Obi-Wan: VI spin can have a strong influence on the weak-minded.

Or

Casual Observer: Your powers are weak, [grumpy] old man.

GOM: You can't win, CO. If you strike me down, I shall become more powerful than you could possibly imagine.

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Another sign of Winter for the housing market.

1. Slowing mortgage market

2. LR report widespread declines

3. Nationwide warn of a slump

4. Scotsman newspaper reports that outlook for house market is "gloomy."

5. Latest unemployment data shows more out of work

6. Merv is still nervous and plans more hikes

7. Credit tightening spreading

8. Fox bails out*

9. RM see biggest MoM reversal in HPI on record**

10. Findaproperty.com shows huge increase in supply in May

11. Brown Balls about to ascend to power

12. Great Crash 2 already claiming Spain and Ireland as their bubbles begin to burst.

13. Sterling breaks 1.96 for the first time in 8 weeks.

__________________

* LONDON (Reuters) - Foxtons, one of the largest British real estate agents, agreed on Monday to be acquired by private equity firm BC Partners amid early signs the booming UK housing market may be starting to cool.

http://uk.biz.yahoo.com/21052007/325/real-...xtons-sold.html

**Rightmove said showed the number of homes put up for sale rose to 200,115, its highest in the survey's 5-year history.

http://uk.biz.yahoo.com/21052007/325/house...akest-year.html

Edited by Realistbear

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Title ammended to state BSA not CML, right, BSA state their figures are down 8% YoY (versus this time last year) but up overall, and the CML are saying their figures (April) are down on March by 9%, but up 18% YoY :blink:

Mortgage lending still high but stabilising, says CML

Gross mortgage lending in March saw a seasonal fall to £28.8 billion in April, according to the Council of Mortgage Lenders. This was 9% down on the March figure of £31.7 billion, but still 18% up on the April 2006 figure of £24.4 billion, and the highest April figure on record...

The CML estimates that, if the figures were seasonally adjusted, they would show that lending has remained in a relatively narrow range in the first four months of the year, indicating a relatively stable picture.

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

Edited by Converted Lurker

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Title ammended to state BSA not CML, right, BSA state their figures are down 8% YoY (versus this time last year) but up overall, and the CML are saying their figures (April) are down on March by 9%, but up 18% YoY :blink:

Mortgage lending still high but stabilising, says CML

Gross mortgage lending in March saw a seasonal fall to £28.8 billion in April, according to the Council of Mortgage Lenders. This was 9% down on the March figure of £31.7 billion, but still 18% up on the April 2006 figure of £24.4 billion, and the highest April figure on record...

The CML estimates that, if the figures were seasonally adjusted, they would show that lending has remained in a relatively narrow range in the first four months of the year, indicating a relatively stable picture.

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

That makes sense - BSA are quoting approvals (number) and CML groos amount. Seeing as house prices have increased since last year, you have to factor this in. So amount has gone up since last year (obvious in a rising market) but down since last month. Approval count has gone down 8% since last year, but up since last month (which was 12% down YOY).

I was hoping for a greater than 8% drop, but it'll do.

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Guest grumpy-old-man
:lol:

Or how about

Obi-Wan: VI spin can have a strong influence on the weak-minded.

Or

Casual Observer: Your powers are weak, [grumpy] old man.

GOM: You can't win, CO. If you strike me down, I shall become more powerful than you could possibly imagine.

I see the bears are in fine form & happy again. :D

I don't know who's worse me & CO or RB & d23? should we have a poll ? ;)

edited - GOM replies "there can be only one" <sinister laugh>

Edited by grumpy-old-man

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