Friday, Jul 18, 2008
Mortgage lending collapses
Firstrung: Gross mortgage lending falls by 32% year on year
Gross mortgage lending declined to an estimated £23.8 billion in June, down 3% from May and 32% from June 2007, according to the Council of Mortgage Lenders...The decline between the first and second quarter was a marginal 1%. However, an increase would typically be expected in spring. The year-on-year decline has gathered pace in recent months; lending in the first quarter of 2008 was down 11% on 12 months earlier, while the second quarter was down 21%.
Posted by converted lurker @ 10:09 AM (318 views) Add Comment
1 Comment
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1. Whostolemyendowment said...
BUT....if the lenders restrict the criteria (as they should have done a long time ago), and interest rates and fees are higher, etc - it is only to be expected that lending at this point 'in the game' will decline dramatically. It's a no-brainer.