U.K. Mortgage Lending Gives Further Negative Sign
February 18th, 2010
The Council of Mortgage Lenders (CML) reported a slump in mortgage lending for January following on from the atypical surge of the previous month. December’s relative rush came as buyers tried to beat a new-year tax increase.
Gross lending for January 2010, at £9.1 billion, came in at the lowest monthly level since February 2000; a third down on December and 21% down year on year.
The housing market as a whole was hit hard by recession, which belies the recent monthly property value rises. These rises in price have more to do with a lack of properties for sale than they do with any imminent recovery; it has also been aided of course, by the continuing low interest rates.
One Response to “U.K. Mortgage Lending Gives Further Negative Sign”
Lending will fluctuate somewhat this year, but then lending is going to be further hit when the government schemes end and banks have to repay their debts.