House-purchase lending falls
www.moneynews.co.uk > Housing market > House-purchase lending falls
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Money News |
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House-purchase lending falls
Tue 11th Mar 2008
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At the same time last year, 75,800 people took out loans in order to buy a home, so there has been a 34 per cent decline.
The CML's figures did however reveal an upsurge in re-mortgaging activity in January with 85,000 remortgages, up 43 per cent from 59,000 in December.
It also found that the average first-time buyer borrowed 88 per cent of the property's value in January, down from 90 per cent the previous months, while home-movers typically borrowed 70 per cent of the property's value, a drop of three per cent from December.
CML director general Michael Coogan said: "The wholesale funding markets remain largely closed and mortgage funding still remains constrained... This is now having a discernible impact on lending criteria and the ability of first-time buyers to get into the housing market."
Earlier today, Abbey revealed that fixed-rate mortgages are still the most popular options on the market.
Related News : Housing market |
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