Mortgage lending subdued |
13 2008 |
| New figures show that many people in the UK are still not interested in getting onto the property ladder, with many choosing to rent instead. The latest statistics from the Council of Mortgage Lenders (CML) show that mortgage lending was subdued in March. A one per cent decline was witnessed between February and March, with 46,500 mortgages loaned. This was down an incredible 48 per cent on the figure which was recorded in March 2007. It seems that first-time buyers, in particular, are unwilling to enter the property market, dropping 45 per cent in the year to March. "House purchase transaction volumes will continue to deteriorate in the coming months as recent approvals data from the Bank of England has shown," said Michael Coogan, director general of the CML. "Since the introduction of the Special Liquidity Scheme, there has been a slight improvement in credit market conditions with libor moving in a more helpful direction. "But libor still remains high relative to the Bank rate and any improvement in credit market conditions will take time to feed through into the mortgage market," he added.  |
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