CML: House purchase lending falls, but remortgaging approvals grow
www.moneynews.co.uk > Housing market > CML: House purchase lending falls, but remortgaging approvals grow
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CML: House purchase lending falls, but remortgaging approvals grow
Thu 20th Mar 2008
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It suggested that despite turmoil in the property sector, mortgage lending has in some respects "remained remarkably robust".
Lending figures were mostly supported by remortgage approvals, which rose significantly last month.
Conversely, the CML found that lending for house purchase has "softened", which it predicts will remain the case "for the foreseeable future".
Figures for house sales also fell last month, in line with the drop in the number of mortgage approvals for home purchase.
Although house prices have dipped in parts of the UK during the autumn and winter, the organisation expects that factors such as "the structural imbalance between the demand and supply of homes" will support prices during 2008.
If house prices do continue to fall that could help struggling first-time buyers get a foot on the property ladder, provided they have the funds - research released by Abbey yesterday revealed that many would-be homeowners are regularly dipping into their deposit savings.
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