We’ve not updated this for a couple of months:
Well, that’s certainly telling an interesting story, isn’t it?
Regarding the lending figures; prior to 2019, the monthly change had only previously fallen to 0.3% or lower three times since the 1970s. It had never fallen as low as 0.1% until this October and November.
Market volumes must surely be playing a part in this picture.
Despite the voices claiming all is well and there’s never been a better time to buy, the lending data is flashing a red warning sign.
Unless buyers have found a new, magical source of capital, this recovery is likely to be short-lived.
My personal view is, stay out of this market until at least three consecutive months’ lending change figures above 0.3%.