Thursday, March 12, 2009
What happened to my green shoots?
Mortgage lending continued to fall in January, according to the Council of Mortgage Lenders. Just 23,400 mortgages were completed for all house buyers, a new record low, with only 8,900 first-time buyers able to take out home loans. The number of mortgages lent was down by 28% from December from last month, and 52% lower than a year ago. The CML said the recession and falling house prices were forcing lenders to ration their lending even more.