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22 | 04 | 09

Shooting Blanks !

Posted by: katalysis

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Ex Tory Chancellor Norman Lamont, Labour’s Business Minister Baroness Vadera and Ben Bernanke of the US Federal Reserve have all at differing times met with cries of derision for mentioning “Green Shoots” of recovery. But with Spring in the air even broadsheets such as The Daily Telegraph have been casting around for evidence of new growth in the housing market. The market which was struck a hammer blow when the Credit storm rolled in from the US nigh on 18 months ago is said to be showing signs of life as mortgage lending trends are on their way up again. Well let’s look at the statistics from the Council of Mortgage Lenders shall we. According to them the estimated lending for the first quarter of 2009 is £33bn which sounds like a lot of money. However, the like for like figures for 2008/07 were £75bn and £84bn respectively. At the market peak in 2007 a staggering £360bn was lent out. The truth is we are back to lending levels that are more comparable with 2000 when the total for the whole year was £120bn. A time when a mere £71000 pounds would buy you an average semi in Brum. Sorry but anyone who truly thinks that a return to the mortgage madness that bust the banks is on the cards needs their head examining.
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