Mortgage lending 'remains low'
The amount of finance available to those hoping to purchase a home remains low, it has been found.
According to the Building Societies Association (BSA) - a body representing all of the UK's building societies - net mortgage lending was £422 million in November.
And although this is an increase of the October figure of £413 million, it remains far below that of a year earlier, which was £790 million.
Director general of the BSA Adrian Coles remarked: "With recent figures from the Land Registry suggesting that property prices continued to fall in November and with concerns over job security high, it is no surprise that buyers are keeping out of the market."
The Land Registry figures this week showed that values in London dropped by 0.4 per cent in the penultimate month of 2008, contributing to more than a ten per cent annual decrease.
And with Waltham Forest seeing a fall of 12.7 per cent over the year, those hoping to live in the borough may prefer to rent a house or flat in order to avoid the possibility of negative equity.
Published 2nd January, 2009
© 2009 Estates IT Limited
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The amount of finance available to those hoping to purchase a home remains low, it has been found.