Wednesday, October 20, 2010

Mortgage lending down 1% from August

Mortgage lending in fresh decline, lenders say

"UK mortgage lending remained subdued last month, figures from the Council of Mortgage Lenders (CML) suggest. Total lending was £12bn in September, the lowest September total since 2000. The CML's figures, which cover borrowing for house purchases as well as remortgaging, were down 1% from August and 7% lower than in September last year."

Posted by phdinbubbles @ 10:17 AM (2089 views)
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19 thoughts on “Mortgage lending down 1% from August

  • ~Decembers figures

    Lending down to (minus) -30%

    Houses sold – 500

    my figures make about as much sense as the figures they give us each month, if you only sell 10 houses well you cant say the average price for the uk is still 160k it is all BS each month the real market out there is sh*tting itself, same with many estate agents

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  • sibley's b'stard child says:

    Oh goody, what’s the logical end-game here; two property developers swapping apartments amongst themselves?

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  • No doubt this is all down to the September bounce that EAs have been hyping. Or not…

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  • mark wadsworth says:

    Are we on the second down leg yet?

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  • Hopefully headlines like this will amke the people sit up and take notice.

    ‘No-one else is buying’.

    What amazes me is that you get these interviews with vested interests portrayed as ‘experts’. Who will sit around and comment on the positive aspects with the odd reference to ‘slightly subdued’.

    50% of mortgages were self cert and interest only. These have now been deleted.

    People weren’t taking these out and paying over the odds interest rates if they could qualify for a regular mortgage.

    These mortgages have all but been deleted, So therefore half the buyers have also gone.

    Lending criteria is now actually being checked by the regular lenders.

    I can’t believe prices are holding up aswell as they have been.

    Today we’ll find out what cuts are in store and during the winter no doubt businesses that supplied the Government will find out that they weren’t joking as their orders dry up.

    From what I can see there really is no way for prices of houses to go but down and by a fair chunk.

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  • Do they adjust these figures to account for house price inflation?
    “Total lending was £12bn in September, the lowest September total since 2000.”
    £12bn would have bought a lot more houses in 2000 than it would now.

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  • Steady chaps. Wait until you see the whites of their eyes. It’s almost impossible not to believe that the property market isn’t already in freefall but I would advise against premature celebration. The buying public is endlessly dumb on this subject and just before dying of starvation, they will spend their last quid on a brick. Hitler is about to shoot himself but you could still get hit by sniper fire.

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  • For the September number to be down on August is very significant – a real change in tide..

    ..Rightmove’s recent asking price bounce can probably be put down to people asking more so they can concede more – and many potential home movers (now undeterred from testing the market by the removal of HIPS) will be struggling to retain the lenders’ required 25% equity for their next purchase, so are drawing lines in the sand that are unrealistic.

    That said, Halifax’s record drop this month may be partly due to error margins edging toward their downside limit, so I won’t be too surprised if their next stat is flat or a slight up-tick.

    However, the underlying trend is clear – Halifax HPI is already below RPI and CPI YoY, and is likely to outright negative by the end of the year..

    ..that should provide plenty of coffee for the vendors to smell…!

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  • The B of E are likely to continue with QE, so regardless of the lending criterea wouldn’t this in itself keep house prices high?

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  • timmy t,

    The answer is No – it really is an incredibly low figure..

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  • UT freshly baked bread works better than coffee lol

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  • “UT freshly baked bread works better than coffee”

    How many buyers go to a house viewing and say ‘oh no – not fresh bread again..” ?

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  • sibley's b'stard child says:

    @ Flashman

    “The buying public is endlessly dumb on this subject and just before dying of starvation, they will spend their last quid on a brick. Hitler is about to shoot himself but you could still get hit by sniper fire”.

    Nomination for post of the week…

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  • @6 STR “50% of mortgages were self cert and interest only.”

    The people who bought houses using these methods and 125% mortgages will not drop there prices because they can’t afford to. They will stay put with there overpriced propertys on the books to see if they get lucky. In the meantime volume will colapse again.

    The real crash will happen IF interest rates rise. Until that time there will be at most 5% – 10% fall per year.

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  • lol better than a curry cooking

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  • mark wadsworth says:

    Flashman is the expert as he has sold more houses than any of us – so tell us Flash, what’s better for selling houses – coffee or bread?

    Do you ever bake bread or brew coffee in your show houses (together with the undersized furniture, tee hee)?

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  • Undersized furniture is so last decade. I use midgets and echo machines

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  • sibley's b'stard child says:

    “I use midgets and echo machines”.

    I imagine your house-warming parties are a riot…

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