Mortgage lending stuck at low levels
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to hover at low levels as the housing market remains subdued.
According to the Council, gross mortgage lending for February totalled £9.5 billion – relatively unchanged from January’s figure.
The CML said the housing market remained “stuck in a rut” and is likely to remain subdued for some time as people are reluctant to purchase a property due to uncertainty surrounding the economy.
Bob Pannell of the CML believes the situation is unlikely to change in the coming 12 months and said 2011 is set to be a “challenging year for households and the housing market.”
Most housing market experts are forecasting further falls in house prices this year as demand remains weak.