Mortgage lending collapses in August.

[larus]

http://news.bbc.co.uk/1/hi/business/7641535.stm

Mortgage lending in August was 2% of the value from August 2007. It was only 5% of the value in July which was also a very bad month.

If anyone needs any more evidence of the dire situation that the Western economies are in then I'd be very surprised.

After the 'agreement' was reached for the $700bln rescue package, the stock markets are still down in Asia and Europe. Maybe there'll be a bounce when Wall St opens, but I don't see this package as being a solution. It will help, but it sure won't solve the situation.

The next 2-3 years are going to be very tough for a lot of people, mainly those who have spent on credit, such as the Labour government.

 

[Uncle Spielberg]

The last 12 months has been dire. I saw these figures but did not post it as it would look like a sympathy vote. The lending figures for August are beyond belief. £ 143 000 000 down from around £ 7 000 000 000 the year before. It equates to around 1000 house transactions for the whole of the UK. Bearing in mind there are/were around 35000 mortgage brokers , 1000 mortgage between 35000 brokers , nervous laughter

 

[Uncle Spielberg]

Mortgage completions down 98% on 2007. I still cannot get my head around that. Basically the whole UK property market has collapsed.

 

[larus]

I must admit I thought of you as sonn as I saw those figures. I just hope you're in a position to tough it out for 18 months.

 

[Tricky Dicky]

The last 12 months has been dire. I saw these figures but did not post it as it would look like a sympathy vote. The lending figures for August are beyond belief. £ 143 000 000 down from around £ 7 000 000 000 the year before. It equates to around 1000 house transactions for the whole of the UK. Bearing in mind there are/were around 35000 mortgage brokers , 1000 mortgage between 35000 brokers , nervous laughter

I spent the whole afternoon yesterday talking to a local building developer and he was very confident, that while things are very tricky at the moment that it will get better. He is predicting house price rises by 2010.

 

[Uncle C]

The last 12 months has been dire. I saw these figures but did not post it as it would look like a sympathy vote. The lending figures for August are beyond belief. £ 143 000 000 down from around £ 7 000 000 000 the year before. It equates to around 1000 house transactions for the whole of the UK. Bearing in mind there are/were around 35000 mortgage brokers , 1000 mortgage between 35000 brokers , nervous laughter

Wow, thats a real eye opener. On average last month only 1 in 35 brokers arranged a single mortgage.

 

[Monty]

I guess the 2 sales a week i am averaging at the moment aint too bad then, the only problem is that 2 sales a week are falling through aswel

 

[Lokki 7]

I spent the whole afternoon yesterday talking to a local building developer and he was very confident, that while things are very tricky at the moment that it will get better. He is predicting house price rises by 2010.

I think that's known as 'talking up your own book' mate.

 

[User removed 4]

I think that's known as 'talking up your own book' mate.

 

[Man of Harveys]

When will the market turn? If prices are falling, there must be some value in buying before long.

 

[Uncle C]

When will the market turn? If prices are falling, there must be some value in buying before long.

Have patience - theres a lot of pain to go yet.

 

[Simster]

nervous laughter

There's nothing funny about people's livlihoods being under threat Gareth. Although it's too bad that some people on here have showed a distinct lack of class towards anyone in the banking industry over the past couple of weeks on this matter.

 

[Uncle C]

There's nothing funny about people's livlihoods being under threat Gareth. Although it's too bad that some people on here have showed a distinct lack of class towards anyone in the banking industry over the past couple of weeks on this matter.

Not anyone, just the fat cats who wrecked the country and in order to get massive bonuses, oh and HB&B.

 

[ridda]

When will the market turn? If prices are falling, there must be some value in buying before long.

Not for a good few years yet.

 

[Lokki 7]

When will the market turn? If prices are falling, there must be some value in buying before long.

12 months, at least. Any up ticks before then are likely to be temporary. Don't get sucked in by the bear market dead cat bounces. As a wise man once said, he who picks bottoms gets smelly fingers.

 

[User removed 4]

12 months, at least. Any up ticks before then are likely to be temporary. Don't get sucked in by the bear market dead cat bounces. As a wise man once said, he who picks bottoms gets smelly fingers.

lokki if you try harder you could fit a few more market cliches in, let the trend be your friend etc

 

[Horses Arse]

There's nothing funny about people's livlihoods being under threat Gareth. Although it's too bad that some people on here have showed a distinct lack of class towards anyone in the banking industry over the past couple of weeks on this matter.

unless they are estate agents and then it is absolutely hilarious!!!!

 

[User removed 4]

unless they are estate agents and then it is absolutely hilarious!!!!

why ??

 

[Monty]

unless they are estate agents and then it is absolutely hilarious!!!!

I hope you *** :

Actually a bit harsh, i'll stick with 'your a cock!'

 

[Lokki 7]

lokki if you try harder you could fit a few more market cliches in, let the trend be your friend etc

It did cross my mind. Need something to cheer me up, I was short $'s going into today and had to console myself by singing, "The first cut is the cheapest..."