CML data shows that fewer people are buying |
18 2008 |
| The latest lending figures from the Council of Mortgage Lenders (CML) show that fewer people are opting to buy property and more are choosing to rent instead. According to the organisation's figures, gross lending fell by 17 per cent year-on-year in March. The monthly figure was more positive, with growth of five per cent, but this figure is usually somewhere in the region of 20 per cent. It is a clear sign that renting is currently more attractive to Britons in the current climate and the CML believes that the drop in mortgage lending is set to continue. "Lending on completed transactions is currently running at levels considerably lower than a year ago. However, the picture for mortgage approvals for new business and prospective lending levels in the next few months is worsening," said Michael Coogan, director general of the CML. "As mortgage costs increase, it remains important for any borrower with potential financial difficulties to speak to their lender as soon as possible, and preferably before they have missed a payment," he added.  |
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