10
Dec
CML: Small stable lending market to continue
The Council of Mortgage Lenders (CML) has said that the homeloan
market will remain small but stable for people looking to purchase
houses for sale in the UK.
Earlier today (December 10th 2010), the CML released a report which
showed that there were 46,000 mortgages advanced in October
2010.
This amount, worth £6.7 billion, was found to be a reduction
of four per cent in number and six per cent in value from the
previous month.
Last month, the CML estimated that mortgage lending for October
would be unchanged from September, but that it is likely to
decrease over the coming months as a lot was loaned out at the end
of 2009 as people took advantage of the stamp duty concession at
the time.
Similarly, the remortgaging market had 26,000 loans advanced in
October, a decline of nine per cent in number and 11 per cent in
value from September.
Director general of the CML Michael Coogan said that these figures
are not surprising.
He stated: "Consumer confidence has also been affected by October's
spending review - despite the relative affordability of monthly
mortgage payments - and so a stable but small lending market will
continue for some time to come."