Gross mortgage lending 'down 36%'
Gross mortgage lending in July was down 36 per cent year-on-year, according to the latest figures from the Council of Mortgage Lenders (CML).
The organisation indicated that, although lending was up 26 per cent on June's data to £16 billion, it was still a significant way behind July 2008 when mortgage activity totalled £34.9 billion.
Commenting on the latest results, CML economist Paul Samter said: "The CML's July gross lending estimate of £16 billion is the highest level in nine months and consistent with the rise in house purchase approvals."
With fewer people getting mortgages than last year, property to rent in Wandsworth, flats to rent in Farringdon or rental accommodation in other parts of the UK may be an option for some.
Indeed, various indexes have shown that rent levels in some parts of the UK are lower than they were in 2008, which suggests it could be an ideal time to consider the private rented sector for a place to live.
Written by Ben Carter
Published 20th August, 2009
© 2009 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Putney community hall gets £150k refurb
Newlands Hall in Putney Vale, Wandsworth, has reopened after undergoing significant refurbishments.
Read Article ... Published on 18th May, 2012
Harrow cycling and walking routes improved
Extensive improvements have been be made to the cycling and walking routes in Harrow.
Read Article ... Published on 17th May, 2012
Norwood Park gets outdoors gym installed
An outdoor gym has been installed in Norwood Park in an effort to encourage more people to take up exercise.
Read Article ... Published on 16th May, 2012
Brixton to benefit from £75m regeneration
An estate in Brixton is to be improved thanks to a £75 million development project.
Read Article ... Published on 16th May, 2012
Olympic concerts to be held at Hyde Park
A series of Olympic-themed concerts are to be held at Hyde Park.
Read Article ... Published on 15th May, 2012
Mortgage lending down considerably year-on-year, according to the Council of Mortgage Lenders.