Mortgage-holders under pressure
Yet another industry report has suggested that people who have purchased property for sale in London are feeling the squeeze.
The latest data from the Council of Mortgage Lenders (CML) shows that falls in gross mortgage lending are accelerating, with a three per cent dip being recorded between May and June.
Gross lending for home purchases now stands at just £23.8 million - marking a year-on-year drop of almost 32 per cent.
Analysts say the findings are particularly worrying given that spring and early summer are traditionally regarded as times when the housing market performs well.
Painting a gloomy picture of the economy, CML director general Michael Coogan said that borrowers are seeing their budgets dwindle and should not expect any relief in the near future.
He commented: "Market activity during a traditionally a busy time of year for mortgages has been muted by funding shortages and, more recently, dampened consumer demand."
Offering a glimmer of hope, the UK's biggest mortgage lender, the Halifax, has revealed that it is cutting interest rates on many of its fixed-rate mortgages by up to 0.15 per cent.
Published 18th July, 2008
© 2008 Estates IT Limited
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Yet another industry report has suggested that people who have purchased property for sale in London are feeling the squeeze.