Monday, May 17, 2010

The spring bounce?

UK mortgage borrowing is recovering, lenders say

Bouncy bouncy!

Posted by sid public @ 10:17 AM (1854 views)
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9 thoughts on “The spring bounce?

  • The article reads like this:
    “””
    The CML said something today, then they said, “…but don’t read anything into that”.
    “””
    Is that news or not?

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  • The article in full:-

    http://www.cml.org.uk/cml/media/press/2615

    More amusement here:
    For the first quarter as a whole, there were 112,000 loans for house purchase (worth £16.1 billion), down from 171,000 (worth £23.3 billion) in the last quarter of 2009 and 74,000 remortgage loans (worth £9.3 billion) down from 89,000 (worth £11.1 billion) in the last three months of 2009. No trend can be inferred from this though, given the distortion caused by the end of the stamp duty holiday in December.

    As if the end of the stamp duty holiday was a mitigating factor for the fact that the traditional first quarter boom just didn’t happen and that everyone decided to buy in the last 3 months of last year.

    Worth noting at the bottom of the text:
    The Council of Mortgage Lenders’ members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.4 million mortgages in the UK, with loans worth over £1.2 trillion.

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  • “Despite this, lenders have been warning that they face a huge problem in the next few years.
    Banks and some larger building societies have to work out how to repay more than £300bn in emergency funding given to them by the government during the banking crisis in 2008. ”
    What ! You’d have thought a bank would have thought about this before they accepted the money!

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  • Mark Wadsworth says:

    “The UK is at risk of a chronic under-supply of credit – and the rationing of mortgages for customers – for years to come.”

    Glorious! That’s all we need – loads more ‘credit’, i.e. ‘indebtedness’. Look at Greece, which is rapidly emerging from the recession, thanks to the generous credit terms extended to it by the other Euro-zone countries 🙂

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  • I dunno…. Jan and Feb were obviously slow due to the supposed ‘end’ of the stamp duty holiday and (believe it or not!) the bad weather…. March does seem to have had a fairly significant uplift…

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  • You are missing the counter-bounce news: David Cameron is defending proposed Capital Gains Tax levelling up with Income tax by saying in City A.M. that ” there’s a very big difference between the capital gains that someone pays on a second home, which is not necessarily a splendid investment for the whole economy,and business assets”.Maybe LVT-lite (very lite going on useless) but it’s still a very odd thing for a Conservative, let alone the leader, to say.

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  • mark wadsworth says:

    @ dbc, I actually, literally, smiled when I read that DC quote on the Tube, and duly posted it at mine 🙂

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  • “it [CML] warned that mortgage rationing might continue for many years unless the new government helped lenders raise finance.”

    “for the sake of the future health of the housing and mortgage markets, the new government will need to focus on the critical issue of funding and how to address the issues arising from the repayment of the emergency support provided during the financial crisis”

    The CML appears to expect endless public subsidy in the name of ‘the economy.’

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  • sid public said, “Jan and Feb were obviously slow … March does seem to have had a fairly significant uplift”
    – this makes little sense: if there was an uplift due to delayed activity then it’s not really significant is it?

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