Mortgage approvals strong in July

[_V_]

http://news.bbc.co.uk/1/hi/business/6970393.stm

So the great unwashed are still falling over themselves to borrow to the hilt to buy even more property?

The boom is unstoppable. There is no limit to debt. Interest rates have no effect. Money is free. Praise de lawd.

[milanbenes]

that is excellent news

keep spending folks

Milan.

[Troll]

fecking house that had been on the market for over a year & which I was going to make a offer on for a large chunck of it's attached land has just sold at asking price (inflated imho)
Now means every single property currently for sale in the vicinity is sold

Like someone said... looks unstoppable

[ElectricChair]

well why not? interest rates will be cut at the first sign of trouble. remember that the economic cycle has been banished.

I wonder what happens when interest rates are zero and there is still trouble?

[Andy2]

it looks like with govt. interventions all the bust cycles will be banished forever. Stocks will keep on rising and houses will be worth gazillions.

[BlasterBates]

Note the word "July" this is significant.

The key date is 10th August.

That is the date when a major US bank announced bankruptcy, and banking stocks plunged about 10-15% and the Federal reserve, the bank of Japan and ECB pullled the emergency cord.

Of course this may have no effect on the UK housing market, because the UK is different.

[sasguru]

Note the word "July" this is significant.

The key date is 10th August.

That is the date when a major US bank announced bankruptcy, and banking stocks plunged about 10-15% and the Federal reserve, the bank of Japan and ECB pullled the emergency cord.

Of course this may have no effect on the UK housing market, because the UK is different.

Boomed! All hail el-Gordo, the miracle man. No more busts ever. Borrow more! Onwards and Upwards! Britain will be great again (we can have the largest debt in the world). Take that you Jerries. Kapow!

[wendigo100]

Of course this may have no effect on the UK housing market, because the UK is different.

I think the correct expression is:

"It is different this time"

[~Craig~]

do people think that a >£200k mortgage is way above the norm?

I'm looking to move from my first place to a 3 bed house and it's quite a sizeable jump.

[sasguru]

do people think that a >£200k mortgage is way above the norm?

I'm looking to move from my first place to a 3 bed house and it's quite a sizeable jump.

£200 K is nothing. Go for £1 million.