Wednesday, May 25, 2011

This month approvals have dropped 18% YoY

April 2011 figures for the main high street banks

"Individuals and businesses continue to save more, pay off debt and borrow less as uncertainty about the economy has entrenched a 'wait and see' attitude. However, banks are still able to meet the need for home loans even though demand remains weak. Businesses - SMEs in particular - are using cashflow and deposits to fund expenditure rather than taking on more borrowing.” Net changes in non seasonally adjusted amounts outstanding down to £26m the lowest amount on record ever!

Posted by khards @ 10:47 AM (1662 views)
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5 thoughts on “This month approvals have dropped 18% YoY

  • phdinbubbles says:

    The number of approvals for house purchase fell 18% from the previous month (31435/38455) – could be a blip, but interesting to see what it is next month. Average value of approved mortgages fell 0.2% – so it appears to be a house purchase mortgage approval volume crash (or blip) at the moment.

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  • It looks like next month could be the first net mortgage lending contraction since records began. Perhaps this is down to demographics.

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  • mark wadsworth says:

    This all cheers me up enormously.

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  • phdinbubbles says:

    Yep, the net mortgage thing going negative is looking a good bet:

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  • The housing market reminds me of the road runner cartoons where Wile Kyote suddenly remember gravity. A sudden moment of realisation.

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