Friday, January 21, 2011
“The near- paralysis of the mortgage market continues”
A fresh slump in mortgage lending triggered warnings over the "near-paralysis" of the market today amid mounting signs of ebbing confidence as consumers brace themselves for austerity Britain. Mortgage lending slid to its lowest level for a decade last year with just Â£136.3 billion advanced during 2010 - down 5% on 2009 - the Council of Mortgage Lenders warned. The Â£11 billion lent in December was the fourth monthly fall in a row and offers little hope for an imminent revival in a sluggish housing market.