CML: Mortgage lending remains subdued in October
by Kay Murchie
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 £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 today’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.
Discuss this in the Finance Markets forums
Story link: CML: Mortgage lending remains subdued in October
Related financial stories to: CML: Mortgage lending remains subdued in October:
- Mortgage lending down 3% on the year
- Gross mortgage lending remains on track
- July mortgage lending 27% down year-on-year
- Gross mortgage lending down 51% on the year
- Banks nudge up new mortgage lending
- BBA: Mortgage approvals continue downward trend
- CML: Mortgage lending remained subdued in November
- New mortgage lending still nudging ahead
- CML: Mortgage lending down 13% in December
- Gross mortgage lending up 7%
Next: October public borrowing rises to £10.3bn »
No Comments »
No comments yet.
RSS feed for comments on this post.
Leave a comment
Tags: CML, Council of Mortgage Lenders, fall, house prices, mortgage lending, October, subdued, weak
Visited 1134 times, 3 so far today