Mortgage supplies 'remain low'
The supply of mortgages still remains low and recovery in the market is a while off, according to the Council of Mortgage Lenders (CML).
Figures from the CML revealed that the number of loans for buying property was low in May 2008 at 52,700.
Statistics also showed a sharp decline in the number of homeowners remortgaging in May, which was down 14 per cent on April.
"Lending levels continue to be lower than last year and any recovery is still some way away," said CML director general Michael Coogan.
The CML went on to say that the situation is not likely to improve and in fact "will get worse before it gets better" meaning more people are tempted to sell up and move into the rental market.
The average property price currently in the UK is £225,408, with house prices reaching £167,126 in Scotland and £215,655 in Northern Ireland.
This news comes today as the Bank of England has announced that it plans to keep its benchmark interest rate at five per cent.
Published 10th July, 2008
© 2008 Estates IT Limited
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The supply of mortgages still remains low and recovery in the market is a while off, according to the Council of Mortgage Lenders (CML).