Wednesday, September 26, 2012
How to keep the bubble inflated and enslave even more people…
Banks 'significantly' increase mortgage lending
Banks and building societies increased mortgage lending “significantly†in the three months to September and plan another big rise in the final quarter, paving the way for a much-needed improvement in the housing market, according to a survey by the Bank of England.
Posted by hpwatcher @ 08:06 PM (2156 views)
11 thoughts on “How to keep the bubble inflated and enslave even more people…”
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paul says:
I think this is pi55ing in the wind. It will be pounced upon in a pretty concerted way (watch for an imminent completely misleading BBC News headline) but the effect will be shortlived and not affect the housing market much.
hpwatcher says:
mortgage lending = economic growth
that’s how debt dependent the uk is…..
will says:
Sounds like more spin to me. Spin got us in to the mess we are in.
Why don’t the banks own up and tell us how many mortgages are still receiving support from the banks?
happy mondays says:
How many Will? Curious..
bankster says:
This from the CML “The Council of Mortgage Lenders estimates that gross mortgage lending in August was £12.6 billion. This is marginally lower (1%) than July’s gross lending figure of £12.7 billion and a 4% fall from £13.1 billion in August 2011”. So in other words more BS from the BoE.
bankster says:
According to the BBA (released yesterday) “Net mortgage lending grew by just 0.6% in the year to August, while the outstanding amount of unsecured borrowing actually fell by 3.1% in the year to August” and “UK mortgage lending remained in the doldrums through August, with approvals 13% below their year ago levels, even while they showed a slight uptick from levels seen in July”. Maybe there has been a massive surge in September that only the BoE know about, or maybe they are lying/incompentent as usual.
mark wadsworth says:
It’s all spin. UK households are maxed out on mortgage debt, that’s it, we reached the upper limit five years ago and have been bobbing around that level ever since.
mark wadsworth says:
I’ve checked, see page 4 of this pdf
http://www.creditaction.org.uk/assets/PDF/statistics/2012/september-2012.pdf
total household debt was growing geometrically from 1993 all the way to 2007 and since then it has been more or less flat.
dill says:
None of you bothered to look at the corporate lending side, did you?
mark wadsworth says:
Dill, corporate lending is exactly the same, most of it is secured on land and buildings and it went up exponenetially until 2007 and since then it has flattened off.
dill says:
“Corporate loan performance had remained the same or
worsened over the past three months (Chart 8). Lenders
reported higher default rates and losses given default for large
firms, and slightly higher default rates for small firms. Default
rates and losses given default were expected to rise across firm
size in Q4, with the exception of losses given default for small
firms which were expected to remain unchanged. Weak
consumer spending and limited options for restructuring and
alternative financing were cited as contributing towards rising
default rates and losses given default.”