Friday, March 12, 2010
Bottom is really falling out of market now ….
All loans down, first-time buyers take flight .... Homebuyers abandoned the housing market in January following the end of the holiday on stamp duty. The Council of Mortgage Lenders (CML) said the number of all home loans issued in January fell by 49 per cent 32,000 mortgages, and "emphatically demonstrates" the temporary lift the stamp duty break had given the housing market. The CML warned that lending is expected to remain weak over the next few months. The number of loans to first-time buyers fell even more steeply, by 54 per cent to 11,300.