Monday, February 14, 2011

Bear nibbles

Mortgage lending slumps 37% on year

There were just 39,900 loans for house purchase advanced in December – down 4% from November – the Council of Mortgage Lenders has confirmed. However, the year-on-year drop was savage, down 37% from December 2009, although the 2009 figures were distorted by the number of people rushing to complete purchases ahead of a Stamp Duty holiday deadline. First-time buyer numbers in December dropped by 3% to 14,500 and loans to people moving home fell 4% to 25,400.

Posted by mark wadsworth @ 11:22 AM (1540 views)
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6 thoughts on “Bear nibbles

  • sibley's b'stard child says:

    Lovely stuff, the stat regarding the distinct absence of IO mortgages was most satisfying.

    As an aside, RnR and I are currently undertaking a two-man crusade to win the hearts-and-minds of the EAs over at EAT. Strangely enough, bearish points of view aren’t being received very well.

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  • SBC – They’re being received better than six months ago! The odd EA seems to agree that all is not well and healthy out there. Before, any HPC daring to post over there would have seen ranks close pretty quickly…

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  • SBC, good call, I have chipped in over there.

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  • sibley's b'stard child says:

    Ah RnR, you’re obviously ahead of the curve; didn’t realise you’d been ploughing that lonely furrow for so long!

    Cheers MW, as an aside, do you (or anyone else for that matter) have a rough ball-park figure as to how many distressed vendors we’d have (ie the three Ds) per annum?

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  • SBC, I’ve not the foggiest, and I am not aware that anybody would collect these figures and even if they did how reliable they would be. We can guesstimate the figures due to deaths (must be about 300,000 to 400,000, seeing as half a million people die in the UK each year and the bulk of those will be widowed or single pensioners living alone) but that’s about it.

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  • sibley's b'stard child says:

    Fair enough MW, I guess it was a little optimistic. Still, I think it’s fair to say that the amount of these stay constant over the course of a year which would form a greater proportion of transactions at the moment? I guess, in a convoluted way, i’m suggesting that were this the case it will help drive down the averages as distressed sales tend to marketed at less deluded prices.

    Or something.

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