Mortgage lending continues to decline, figures show
Mortgage availability continued to drop in December, it has been found.
Figures from the Council of Mortgage Lenders (CML) revealed that the total amount provided in the last month of 2008 represented the lowest level since April 2001.
And the body predicted an even further decline over the course of this year, despite the £12.6 billion lent in December already being 47 per cent less than a year earlier.
Michael Coogan, director general of the CML, explained that reduced demand added to the lack of funding to ensure a quiet month for the market.
And he noted that despite steps taken by the government to increase liquidity, "further measures targeted at the housing market are likely to be needed".
Those living in London but hoping to avoid problems in securing finance for home purchase may prefer to rent a house or flat instead.
Earlier this week Fool.co.uk stated that although low interest rates may make taking out a mortgage seem desirable, these are likely to rise and could "quickly become unaffordable".
Published 22nd January, 2009
© 2009 Estates IT Limited
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Mortgage availability continued to drop in December, it has been found.