I am going to quickly run through all my favourite charts. Lets see what has been happening while I was away.
Mortgage approvals seem to be drifting along at around the 50,000 a month mark. That is well down on the pre-crisis numbers. Back then, a typical month would see almost three times that many mortgages approved.
Perhaps 50,000 might represent a reasonable non-bubble level for mortgage lending. Normality in the housing market - now that is a radical thought.
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