CML says mortgage data reflects low confidence
More people may look for property to rent in London after a leading mortgage body response to Bank of England data on home loans indicated that net lending increased at a lower rate than predicted in April.
Figures revealed a rise of £490 million in April, which is 30 per cent below the bank's forecast of £700 million for last month.
Michael Coogan, director general of the Council of Mortgage Lenders, admitted that his organisation would be keeping its own yearly estimates under review with the uncertainty currently residing in the market.
He said: "The data is likely to reflect both the continuing shortage of mortgage funding the comma should be here, not before the second 'and' and weak consumer confidence, and therefore demand."
Comments implying continuing problems for the home loans market combined with lower than expected net lending in the industry may encourage more people to consider looking for property to rent in the London borough of Barnet or elsewhere in the country.
By Chris Price
Published 3rd June, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Barnet after a mortgage expert indicated that consumer confidence is weak.