Mortgage lending figures 'still bleak'
Published On 18 April 2008
Mortgage lending in the UK rallied somewhat in March, new figures have indicated.Data released by the Council of Mortgage Lenders (CML) showed that gross mortgage lending amounted to an estimated £26.3 billion in March - up five per cent on February's figures.
Despite the increase when compared to earlier in the year, March's mortgage lending was still down 17 per cent on the same month in 2007.
In addition, the CML said that they usually expected mortgage lending to increase by around 20 per cent between February and March.
"Lending on completed transactions is currently running at levels considerably lower than a year ago," explained CML director general Michael Coogan.
"We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions.
"Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices."
Recently, Duncan Samuel, managing director of online property conveyancing firm Convex.net, said that the recent cut in interest rates would not encourage first-time buyers to get a mortgage and onto the property ladder.
