Mortgage lending 'off to slow start'
It is likely mortgage lending will increase throughout 2010, but in the opening months sales are off to a slow start, it has been claimed.
Bernard Clarke, spokesman for the Council of Mortgage Lenders, said December mortgage figures - which are typically lower than at other points in the year - were boosted in 2009 due to Britons aiming to take advantage of the stamp duty holiday before it came to an end.
However, he added the mortgage market was still not as competitive as it had been and that the situation would take time to improve.
"We are only seeing a handful of deals go through - the best rated mortgage assets for the biggest lenders. We need to see a more active wholesale funding market," Mr Clarke claimed.
He added measures also need to be seen which could address the current shortage in mortgage lending.
Britons who have had trouble securing a mortgage may have decided to look for flats to rent in Eltham or another part of London while they wait for the market to become more competitive.
Paragon Mortgages reported recently that 58 per cent of brokers expect to see an increase in mortgage business in the first quarter of 2010.
Written by Ben Carter
Published 18th February, 2010
© 2010 Estates IT Limited
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Mortgage lending is off to a slow start at the beginning of 2010, which may have seen more people choosing property to rent in London, rather than buying.