BSA: Mortgage activity still low
Consumers continue to have difficulty in obtaining a mortgage, the latest figures have shown.
According to the Building Societies Association, lending was down from just under £2.6 billion in November to less than £2.4 billion in December.
Director general of the body Adrian Coles noted that potential buyers are preferring to stay out of the market, as dropping prices discourage people from making a purchase.
"Activity in the housing market remains very depressed and as a result the amount of mortgage lending in December was low," he said, adding that values "are widely expected to fall further".
This prediction was confirmed by Land Registry figures last week, which revealed house prices in London declined by 2.3 per cent in the final month of 2008.
It contributed to an overall fall of 13 per cent over the year, with Richmond-upon-Thames seeing the biggest drop (14 per cent) of all the capital's boroughs.
Published 2nd February, 2009
© 2009 Estates IT Limited
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Consumers continue to have difficulty in obtaining a mortgage, the latest figures have shown.