CML: Mortgage lending remains subdued in October
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in October.
44,000 loans for home purchase were approved with gross mortgage lending totalling A?12.4 billion – unchanged from the previous month and 9% lower on year ago levels.
It also represented the lowest October figure since 2000.
Commenting on todaya��s figures, the CML said: “The month-on-month annual comparison is likely to continue to decrease a little in the coming months, because underlying lending volumes rose sharply in the latter part of 2009 as borrowers rushed to take advantage of the stamp duty concession before the end of the year.”
The ongoing lack of mortgage availability, particularly to first time buyers, is considered to be a major factor in the fall of house prices and lending is expected to remain subdued.
In addition, new instructions continue to outstrip buyer demand, which is, in turn, putting downward pressure on prices.
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