Gross mortgage lending 'decreases'
Gross mortgage lending decreased in January of this year, the latest figures have revealed.
According to the Council of Mortgage Lenders (CML), such lending fell to an estimated £9.1 billion during the month from £13.4 billion in December - a decline of 32 per cent.
It was also a 21 per cent fall from the £11.5 billion recorded in January 2009.
While there is typically a decrease in lending activity between December and January due to the Christmas break, the group claims the latest fall has led to the lowest monthly total since February 2000, when it stood at £7.9 billion.
It is believed mortgage lending was boosted shortly before the Christmas break as people rushed to purchase a new home before the end of the stamp duty holiday.
Commenting on the news, CML economist Paul Samter said: "We remain in a period of uncertainty for the housing market and economy at large."
Those who feel they are unable to secure a mortgage may wish to instead consider flats to rent in Hammersmith or another part of London, which could be considerably cheaper than buying homes in the same area.
Bernard Clarke, spokesman for the CML, recently claimed the mortgage market is currently not as competitive as it had been.
Written by Chris Price
Published 18th February, 2010
© 2010 Estates IT Limited
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January saw a decline in gross mortgage lending, it has been revealed - which may mean more people instead chose property to rent in London.