Tuesday, July 24, 2012

Pesky bank hols & wet weather, Olympics etc, they have ruined the economy!

Mortgage approvals slump to 15-year low

The BBA said the public holidays for the Diamond Jubilee and the impact of the wet weather on buyer activity affected the figures while the appetite for borrowing among consumers remained weak in the "subdued" housing market.

Posted by happy mondays @ 03:03 PM (2326 views)
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12 thoughts on “Pesky bank hols & wet weather, Olympics etc, they have ruined the economy!

  • mark wadsworth says:

    I like the way that instead of bad weather putting a brake on all that pent up demand, it’s now the good weather.

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  • Yes this sounds plausible. There’s a guy at work who is keen to move house, but it was a bit wet outside so he couldn’t be bothered. The estate agent’s shop is just like any other high street shop – when it’s raining people don’t go shopping. (I understand indoor shopping centres don’t have this problem – maybe estate agents should open branches in covered malls?)

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  • Hope it stays this way. Then the price will drop to 15 year low too.

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  • mark wadsworth says:

    D, that whole High Street vs shopping mall could be settled quite quickly if we just built big canopies all the way across the high street.

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  • happy mondays says:

    Or put a humongous umbrella over the whole of the uk, should do the trick, then sell sell sell..

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  • stillthinking says:

    Price controls. Subtle or not, they always have an effect.

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  • MW, I was of course being highly sarcastic. Mortgage levels are down because of (a) the FTB discount ending, (b) rates tightening, (c) ever-higher deposit requirements, and (d) house prices are too bloomin’ high.

    Sales at CarpetRight were “boosted by wet weather”, which implies people are improving rather than moving:

    Telegraph: Carpetright sales boosted by wet weather
    Wet weather has helped Carpetright during the first quarter as Britons have turned to redecorating their homes.

    “For us the poorer weather is helpful because unlike the food guys and the fashion guys, when the poorer weather happens, people tend to stay in their homes and think about decorating their homes more,” Mr Shapland said.

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  • Clearly, if you are selling your house, what you need to do is find an estate agent with premises next door to Carpetright

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  • i went to a town on saturday, it had an Aldi, Co-op yet 90% of shops on the small high street were boarded up, terrible, wonder what killed the small shops off

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  • mark wadsworth says:

    Mark, on the high street, different types of business have different economies and diseconomies of scale.

    Some things tend to be large chains (supermarkets, garden centres, banks), others are almost entirely “small local” businesses (solicitors, estate agents, nail bars, hair dressers, second hand book or CD shops, Bed and breakfast, launderettes and dry cleaners) and then there are intermediate categories where things can be either “small local” or large chains (cafes, pubs, hotels, newsagents). Why this is so is a separate debate, and whether we like this state of affairs or not is a separate debate, it just IS.

    Now, if people can buy all their food more cheaply in an Aldi and a Co-Op, they have more money to spend on haircuts, a cup of coffee, second hand CDs, dry cleaning and so on. So the fishmonger, butcher etc have to face facts and set up one of the types of shops with which large chains do not and cannot compete.

    The reasons the shops are empty is because landlords are too greedy or lazy, end of.

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  • MW while you are bored today do you fancy checking out another website we have opened? it has a small blog on it, but needs more adding lol

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  • “Within these figures, there were 26,269 approvals for house purchase worth £4.2bn, ”
    mmm average loan of 160k. Seems way too high for my liking. Some people appear to be diving in at the wrong time and getting ripped off.

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