CML: Mortgage lending dips in December

| February 11, 2011 | 0 Comments
CML: Mortgage lending dips in December

The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December.

However, the month is traditionally a quiet one as prospective buyers opt to wait until the New Year to purchase a home.

The number of loans approved for those buying a new home stood at 39,000 during the month – a 4% fall compared with November but a 37% drop when compared with December 2009.

However, the CML points out that buyers were rushing to beat the end of the stamp duty holiday at the end of 2009.

On an annual basis, mortgage lending rose slightly in 2010 with 529,300 new loans granted to house buyers - a rise of 3% compared with 2009.

However, mortgage lending remains at “historically low levels”, according to the Council.

Although, the CML highlights that mortgage lending stabilised in 2010 after “very sharp” falls in 2008 and 2009.

First-time buyers continue to struggle to get a foot on the property ladder as a result of the ongoing mortgage rationing.

Without a hefty deposit, this group of people are unable to secure a mortgage.

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