Row over housing 'recovery' row
Friday 20 October 1995
A row broke out between mortgage lenders and housing analysts yesterday over whether the housing market remained flat or was beginning to recover. Analysts disputed claims by mortgage lenders that new September lending figures showed the market was still in crisis.
The Building Societies Association said net new commitments, or promises of new loans, slipped to pounds 2.56bn last month from pounds 2.72bn in August. Net lending, which takes account of loans repaid, fell 18 per cent to pounds 614m from pounds 750m. Adrian Coles, director general of the BSA, said: "The figures continue to present a rather gloomy picture of the housing and mortgage market."
Confirmation of the housing market's fragile state came from new lending figures from the British Bankers' Association, showing property loans stood at pounds 546m in September, down from pounds 597m in August, and pounds 624m a year ago.
Their views were attacked by Ian Shepherdson, economist at HSBC Greenwell. The most important figures were those for new mortgage commitments, he said. The seasonally adjusted figures stood at 43,000, the highest number since February.
"The underlying picture is more buoyant than even these figures show since Cheltenham & Gloucester became a bank in August," he said. "This should have reduced the monthly numbers by about 7,000 yet they have risen. If we are right then housing activity and prices will rebound strongly in the next few months."
Comment, page 23
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 4 Christian blogger says she will not wear leggings in public because they entice men and cause them to look at her 'lustfully'
- 5 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
Scientists discover way to unboil an egg – and the results are not as pointless as that sounds
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...