Friday, 22 March 2013

They own land! Give them money!

We are truly living in a parallel universe. From today's City AM:

REMORTGAGE lender LMS called for an extension to the funding for lending scheme (FLS) yesterday after February showed a deep drop in remortgage lending.

Households drew £2.6bn of equity out of their houses in February, LMS figures showed, down 11.3 per cent compared to January, falling faster than overall mortgage lending.

The number of loans fell even further, by 12.4 per cent, from 20,332 in January to 17,812 last month. This meant there were 7.9 per cent fewer remortgage loans than in February 2012, together worth 1.8 per cent less.

"February’s monthly 11.3 per cent dip in remortgage lending can at least partly be attributed to a lull in remortgage applications over the Christmas and New Year Period," said LMS boss Andy Knee.

"However, the fact that it was still annually down by 1.8 per cent suggests that the FLS still needs more time to bed in and we urge the government to continue with the scheme in its current form."


Robin Smith said...

Parallel universe sums it up well. Lets call this place Gameworld?

We all know the rules. Why are there so many useless players who do not realise they must:

1) Get Rent!
2) Vote to increase taxes and evade them
3) Subsidise assets with zero cost of production

Rentseek. Its so simple. Don't tell anyone the secret. Forbidden knowledge.

Mark Wadsworth said...

RS, agreed, those are the rules. So why do the Homeys pretend that it's all about "aspiration" and "hard work"? Admittedly, fighting for an over large share of rent is hard work, but then so is burgling houses.