Since we are due data on these soon-ish, only a quick update on IBF data for mortgages approvals and drawdowns. Mostly charts with quick comments.
Here are monthly results through January 2014 for approvals:
We are solidly on-trend on average mortgage approved, below trend on number of new accounts approved. Year on year, however, things are better: 3mo through January 2014 are up on same period in 2013 by some 11.36% for house purchases, 3.47% for re-mortgages and top-ups and up 10.77% for all mortgages (by number of accounts). Average mortgages (on 3mo y/y basis as above) are up 4.72% for house purchases, down 1.3% for re-mortgages and top-ups and up 5.09% for all mortgages.
Overall volume of mortgages approvals by total value are trending also nicely, though the latest numbers came in below trend and are testing some resistance levels:
Drawdowns data is only reported on a quarterly basis, so here is the latest (through Q4 2013):
The above shows us just how abysmal the metric performance has been over the last 3 years. Basically no life in the series to speak of.
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