Housing market 'still weak'
Consumers are continuing to struggle to obtain finance for mortgages, research has suggested.
The latest figures from the Council of Mortgage Lenders (CML) have revealed that the total amount of money lent for this purpose in October was £18.7 million.
And this represented 44 per cent less than at the same time a year ago, suggesting it remains difficult to obtain a loan for the purpose of buying a house or flat in London.
Director general of the CML Michael Coogan predicted that the housing and mortgage markets would experience "continuing weakness" over the coming months.
"Consumer confidence is now being affected by the worsening economic outlook … any recovery in lending is also being held back by the continuing shortage of mortgage funding," he said.
A recent study by the Royal Institution of Chartered Surveyors found that London house prices are still falling, meaning those living in the capital may prefer to rent in order to avoid negative equity.
Published 20th November, 2008
© 2008 Estates IT Limited
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Consumers are continuing to struggle to obtain finance for mortgages, research has suggested.