Wednesday, September 1, 2010

The picture accompanying the article is brilliant.

Double dip fears for UK house prices

Net lending totalled just £86million during July – a steep fall from June’s £518million, according to the Bank of England. The number of mortgages approved for buying a home edged ahead slightly to 48,722, well down on the levels of more than 100,000 a month seen in the housing boom. Analyst Andrew Goodwin said: ‘This morning’s figures provide further confirmation that the housing market is heading for a double dip, with net mortgage lending pretty much flat and the number of mortgage approvals remaining very low.’ Net lending, which strips out loans which have been repaid or redeemed, was the second lowest figure since Bank records began in 1993, although there have also been two months when the figure was negative.

Posted by mark wadsworth @ 07:55 AM (1726 views)
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7 thoughts on “The picture accompanying the article is brilliant.

  • Double dip joy for first time buyers!

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  • Notyethomeless says:

    Picture? Quentin Tarantino in a stetson? I think we have different editions…

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  • sibley's love child says:

    Beat me to it MW; I know it’s simply a re-hash of yesterday’s news but the fact that it’s the Metro is indeed significant; perused by just about every commuter. I took great joy in walking to the tube with missus this morning; I believe the words I used were ‘I feel vindicated’.

    Ironically, this headline was juxtaposed with the usual property news-cum-advertising inside for the a variety of over-priced shared ownership schemes in High Wycombe and Ashford (heh heh).

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  • Loving the poor mortgage stats & the media double dip scares.

    I think the cash buyers have now dried up & we’re rolling over the edge
    of the bear trap. The big question is when capitulation will REALLY kick
    in.

    I think we’ll see small, but increasing -ve MoM index figures over the next few
    months, that will be explained away by the VI media as the now tired “off season wobbles” and “bumping along the bottom”. They will all be hoping there’ll be a “spring bounce”, but
    when that fails to occur, I think only then will we see genuine capitulation and
    the baby boomers will finally roll over and cash out at lower prices.

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  • doomwatch

    ”The big question is when capitulation will REALLY kick
    in.”

    I think the first critical point will be to se all indecise report falls for a couple of months – that takes away the ‘one up one down arguement’.
    We should get that this Autumn.

    As you say we’re bound then to be getting ‘Spring Bounce’ news.

    The biggest turning point with regard to CAPITULATION IMO will be when all the indecise drop through the previous March ’09 low, with hopfully some momentum.

    That will be the point when Joe Public really realises.

    Now depending where you are in the country that could be some time coming.

    For me in my part of Hampshire, estate type houses are at 2007 peak or just above. Detached family houses circa 1930-1950 with 1/4 acre garden I would say are at least 10% above 2007 peak asking prices.

    So for me it’s going to be at least 12 months of 1.5% falls to get back close to the last bottom. D’oh – the pain.

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  • mark wadsworth says:

    The BBA have a handy chart of total mortgage lending and gross mortgage lending since 1997 available to download < a href=http://www.bba.org.uk/statistics/article/june-figures-for-main-high-street-banks>here. Chart 5 is particularly useful. Monthly gross mortgage lending was over £10 billion in the boom years and it’s now down to £6 billion. That’s just banks, unfortunately, the CML figures would be more useful.

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  • @2 – lucky the missus saw the front page of the Metro today and not the Express – ‘House Prices UP £91 a day’

    Unbelievable propoganda

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