Friday, Dec 18, 2009

Anyone for a dip

BBC: Mortgage Lending Falls by 10%

"Mortgage lending in the UK fell by 10% in November compared with the previous month - its lowest level since May, according to lenders.
Gross mortgage lending totalled £12bn during the month, down 14% on November 2008, the Council of Mortgage Lenders (CML) said.
The group said the month-on-month fall could not be solely explained by seasonal factors. "

Posted by phdinbubbles @ 10:00 AM (1846 views)
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1. hpwatcher said...


Friday, December 18, 2009 10:09AM Report Comment

2. tenyearstogetmymoneyback said...

I wonder if this due to lack of demand, lack of supply, or lack of demand with the 30% + deposits required to get a deal.

Quoting the original article, CML economist Paul Samter said that "the longer term picture remained one of stability"

So I presume he means mortgage lending will remain stable at about half off what it was in 2007.

Looking at his other comments like

"There could be a modest decline in underlying house buying activity in early 2010 due to the stamp duty holiday ending" and

he signalled little fresh cheer for first-time buyers, who still generally face having to find a large deposit before getting on the property ladder.

I reckon this might be the case.

Friday, December 18, 2009 10:19AM Report Comment

3. Mr Plumbase said...

There's the growing number of unemployed and those forced into part time working to save their jobs, oh and of course prices are still high, but that's the real world, the one that seems to go unoticed by these kind of people........

Friday, December 18, 2009 11:49AM Report Comment

4. happy mondays said...

Maybe just maybe, people are waking up ! A bit like the Trueman show..

Friday, December 18, 2009 12:40PM Report Comment

5. cyril said...

This truly is a craaazy world. Can someone remind me why exactly it is a problem if people are borrowing less money?

Friday, December 18, 2009 01:07PM Report Comment

6. ontheotherhand said...

This Gross mortgage lending was normally between 25bn and 30bn per month in 2005-2007 when there were normally 100,000 mortgages approved per month. This year we've has between 10bn and 13bn per month and between 20,000 and 60,000 mortgages. The pyramid scheme needs more money than that coming in at the bottom to keep the whole thing going. The missing 50,000 or so sellers are just holding on by their fingernails with rock bottom interest rates. When they have to sell there is just not enough new mortgage money around to stretch to them all. When will they all have to sell?

Friday, December 18, 2009 01:41PM Report Comment

7. peter_2008 said...

Has every penny could have been sucked been sucked in? Ammunition exhausted? Maybe this is the beginning of the last stand of out heroic bulls?

Any idiots, including our great leader; can improve CASH FLOW POSITION temporarily, if they borrow enough money. But FINANCIAL POSITION does not improve until you earn more money or/and have less debts.

What the UK has not improved and Gordon has been deliberately misleading the public into, is its FINANCIAL POSITION. The “green shots” and HPI are signs of improved CASH FLOW POSITION while the financial position actually deteriorated, because if anything we racked up more debts during the recession.

The debt addicts will get cold feet very soon.

Friday, December 18, 2009 01:46PM Report Comment

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