Compiled by Bob E:
From the BBC 22 February 2013:
Property sales in the UK were slightly higher in January than during the same month a year earlier, HM Revenue and Customs (HMRC) figures show.
There were 64,490 completed sales during the month, up from 60,530 in January 2012. This was well down on December, although there is always a drop in the first month of the year. However, seasonally adjusted data shows that activity was similar to levels in December.
From the BBC 25 February 2013:
Poor weather in January curtailed mortgage approvals while borrowers continued to play safe on loans and overdrafts, the major banks have said.
There were 32,288 mortgages approved for house purchases during the month, down on December and 14% lower than January 2012. The British Bankers' Association (BBA) also said that loan and overdraft repayments outstripped new borrowing. Personal loan levels are almost half of their peak in 2007-08, the BBA said.
"January's severe weather impacted adversely on what was already a subdued picture of borrowing demand from households and businesses," said David Dooks, BBA statistics director.
It does seem slightly bizarre than only half of purchases (64,490) required a mortgage (32,288) ignoring the fact these are slightly different months. That can be explained by the fact that first time buyers have more or less dropped out of the market.
Monday, 25 February 2013
BBC: fair and balanced reporting
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3 comments:
"That can be explained by the fact that first time buyers have more or less dropped out of the market"
Perhaps the message is getting through that the market is starting to fall and they have everything to gain and nothing to lose by waiting. After a few years more the message might even get through to the pols.
This is one of those things about the BBC that gets up my nose. Yes, it's just a couple of press releases, but why can't the Beeb do a little research and flesh out the story?
If first time buyers have dropped out of the market, then that's a much bigger story anyway.
B, hopefully.
AKH, possibly.
Other sources say a third of those mortgages were remortgages, so don't count, meaning that only one in three purchases was by a first time buyer.
The numbers are daft anyway. Total gross mortgage lending was £10.7 billion, divided by 32,000 mortgages = £334,000 per mortgage. That is not first time buyers, is it?
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