Tuesday, March 11, 2008
Is now a good time to buy?
The number of mortgages given to people moving home fell to a new low during January as the credit crunch continued to take its toll on the market, figures showed today. Just 50,300 home loans were taken out by people moving during the month, the lowest level since the Council of Mortgage Lenders first began to collect data in this format in 2002. The figure also showed the rate at which the market is contracting, with 19 per cent fewer mortgages taken out during January by people moving home than in December - and more than a third fewer than in January 2007.