Mortgage market still struggling |
12 2008 |
| The credit crunch is continuing to take its toll on the UK mortgage market, according to the Council of Mortgage Lenders (CML). Gross lending rose to £26.1 billion in April, an increase of eight per cent from the previous month, demonstrating that lenders are now taking a no-nonsense approach to their criteria and pricing strategies. New CML research also shows that house purchase loans hit £7.7 billion during the month, representing a nine per cent increase in volume and ten per cent rise in value from March. CML director general Michael Coogan said: "Monthly house purchase lending volumes continue to be lower than last year's levels and there will be a further weakening in coming months as recent approvals data has shown." Remortgaging accounted for 42 per cent of the lending market in April, compared to 38 per cent for the equivalent period last year, according to new research released today (June 12th). The statistics also highlight the fact that home purchase loans now only make up 30 per cent of the market, compared to 44 per cent last year.  |
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