Tuesday, Aug 12, 2008
CML "Mortgage lending activity remains weak and will likely decline further in the coming months"
BBC: Mortgage market 'remains subdued'
The number of loans approved for house purchases in the UK in June fell to fewer than half the number of the same month a year ago, new figures show. Some 47,000 home loans were approved compared with 98,000 in June 2007, and also down from 52,000 in May this year.
The figures from the Council of Mortgage Lenders (CML) show that the mortgage squeeze, caused by the credit crunch, is continuing.
The CML added that the slowdown in mortgage lending was likely to go on.
Posted by jack c @ 10:16 AM (274 views) Add Comment
1 Comment
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1. Ijjhall said...
So it is confirmed - banks are lending 3x salary with 20 per cent deposits. In other words a return to normal lending.
Of course the brutal logic of this must be devastating for all those greedy sellers who need a return of Northern Rock 2007 practices to have any chance of selling their grossly over priced property.