Thursday, January 17, 2013

Funding for Lending has desired effect

First-time buyers 'yet to benefit from Funding for Lending'

As a proportion of total house purchase lending, loans to borrowers with small deposits (of 15% or under) in the second half of the year dropped to 9.8%, compared to 11.2% in the first half of the year. Overall house purchase lending also dipped sharply in December. Purchase approvals fell 9% to 49,113 from 54,036 in November, and there were 7% fewer loans than in December 2011, making it the third weakest December since records began in 1993. Richard Sexton, director of e.surv, said he was hopeful that Funding for Lending will have more impact this year. He said: “Funding for Lending hasn’t yet equated into more loans to first-time buyers. But this still remains a realistic prospect.”

Posted by sibley's b'stard child @ 04:06 PM (1713 views)
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10 thoughts on “Funding for Lending has desired effect

  • Thecountofnowhere says:

    savers have certainly been punished though.

    Reply
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  • mark wadsworth says:

    The FLS is a stroke of genius – savers (mainly pensioners) get diddled out of their interest income, FTB’s get conned onto the ladder and the bankers are laughing all the way to the, er, bank.

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  • What they would have benefited from is an end to taxation on interest earned, giving them more opportunity to save for a deposit.

    Enough of these inefficient government programmes, put the money back into the people’s pockets where it belongs. This Marxist re-distribution of wealth only destroys wealth, which is why all Socialist dictatorships end with mass poverty and genocide.

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  • So if the FFL money is not going towards helping SME (oh how that part ‘dropped off’), and its not reeeeally going towards helping FTB’s get into debt at super low rates (the only way is up) then i can only assume that this wheeze, sold to us by the Govt, is helping out Homeowers with equity (lots bought before the boom, maybe theyve even equity released since) and sociopathic greedy overleveraged landlords… No?
    I am kind of with Libertas, where does this end? Instead of dealing with the current problem we seem to be shoring up a shed load of problems that will cause a catastrophic flash point when unleashed.

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  • Yes, interest rates on savings accounts are down again. Last year I managed to find an instant access account offering 3%, this year that’s the best I can find is 2%. So, as a standard rate tax payer, if I want to (for example) save up for a deposit on a house, for every £1000 I somehow manage to squirrel away I can, at the end of a full year, expect the princely sum of … £16 in interest. £16!

    This is madness! Why aren’t people marching in the streets?

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  • I’m seriously thinking of giving peer to peer lending a go (Zopa, Funding Circle or some such company). Firstly for (probably) a much better return on investment, secondly, a personal and very satisfying FU to the banks and, thirdly, to help businesses who’d, otherwise, be beholden to the banks. Sounds good to me.

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  • Grumpy Bob @ 5 “This is madness! Why aren’t people marching in the streets?”

    Because saving isn’t cool like spending.

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  • Grumpy Bob @ 5 “This is madness! Why aren’t people marching in the streets?”

    Because saving isn’t cool like spending.

    Reply
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  • happy mondays says:

    Grumpy Bob @ 5 “This is madness! Why aren’t people marching in the streets?” Because the British public like Lance Armstrong have no balls… Please people of Britain – grow some!

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  • Simply put, a national disgrace.

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