Mortgage Lending gets Stuck in a Rut
Gross mortgage lending during February was almost identical to January according to the Council of Mortgage Lenders. This continues the very low levels of lending available within the UK
The CML attributes this stationary lending to both the banks and potential purchasers. The banks are partly restricted and purchasers and reluctant to take on new borrowing with so much uncertainty as to how the economy will fair this year.
“Nothing that alters our underlying view that this is going to be a challenging year for households and the housing market,” states Bob Pannell, the CML’s chief economist.
Although lending has remained static, sales to cash buyers has remained steady and it is clear that most lending is for re-mortgaging rather than new purchases.
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