Converted Lurker Posted May 21, 2007 Share Posted May 21, 2007 (edited) 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 May 21, 2007 by Converted Lurker Quote Link to comment Share on other sites More sharing options...
Guest grumpy-old-man Posted May 21, 2007 Share Posted May 21, 2007 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$es. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted May 21, 2007 Share Posted May 21, 2007 Does anyone have a chart with mortgage lending figures dating back to the late 80's or early 90s? Quote Link to comment Share on other sites More sharing options...
Guest d23 Posted May 21, 2007 Share Posted May 21, 2007 Does anyone have a chart with mortgage lending figures dating back to the late 80's or early 90s? CML's figures go back a fair while http://www.cml.org.uk/cml/statistics Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted May 21, 2007 Share Posted May 21, 2007 d23, thanks. I see the bloke from BSA has fu** all to moan about looking at the figures. Quote Link to comment Share on other sites More sharing options...
PhoneyMcRingRing Posted May 21, 2007 Share Posted May 21, 2007 there will be no IR cuts this time though to save their ar$es. You sound like Darth Vader in episode IV! "See to it personally, Commander. There'll be no one to stop us this time." Quote Link to comment Share on other sites More sharing options...
Guest d23 Posted May 21, 2007 Share Posted May 21, 2007 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 Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted May 21, 2007 Share Posted May 21, 2007 Still 18% up YoY. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted May 21, 2007 Share Posted May 21, 2007 Where are these BSA figures? Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted May 21, 2007 Share Posted May 21, 2007 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? Quote Link to comment Share on other sites More sharing options...
ae589 Posted May 21, 2007 Share Posted May 21, 2007 Still 18% up YoY. Eh? -8% YOY is +18% YOY? Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted May 21, 2007 Share Posted May 21, 2007 Eh? -8% YOY is +18% YOY? I think the first is the number of approvals, and the latter is the amount of cash this represents. Hence my question about where the raw figures are. Quote Link to comment Share on other sites More sharing options...
Guest d23 Posted May 21, 2007 Share Posted May 21, 2007 (edited) 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 May 21, 2007 by d23 Quote Link to comment Share on other sites More sharing options...
ae589 Posted May 21, 2007 Share Posted May 21, 2007 Approvals were 12% down yoy in March, so surely only a >12% decline would show any real trend? Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted May 21, 2007 Share Posted May 21, 2007 "The tighter you clench your interest rates, the more goods will slip from your inflation basket" - apologies to Princess Leia. 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. Quote Link to comment Share on other sites More sharing options...
drrayjo Posted May 21, 2007 Share Posted May 21, 2007 Quote Link to comment Share on other sites More sharing options...
Realistbear Posted May 21, 2007 Share Posted May 21, 2007 (edited) 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 May 21, 2007 by Realistbear Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted May 21, 2007 Author Share Posted May 21, 2007 (edited) 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 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 May 21, 2007 by Converted Lurker Quote Link to comment Share on other sites More sharing options...
Realistbear Posted May 21, 2007 Share Posted May 21, 2007 indicating a relatively stable picture. The calm before the storm no doubt. Quote Link to comment Share on other sites More sharing options...
ae589 Posted May 21, 2007 Share Posted May 21, 2007 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 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. Quote Link to comment Share on other sites More sharing options...
Guest grumpy-old-man Posted May 21, 2007 Share Posted May 21, 2007 (edited) 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. 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 May 21, 2007 by grumpy-old-man Quote Link to comment Share on other sites More sharing options...
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