Mortgage lending falls again
Mortgage lending was down again in September, new figures have revealed.
Council of Mortgage Lenders (CML) figures for September showed that across the UK the total of lending was £17.7 billion, ten per cent less than in August and the lowest September figure since 2001.
Director general of the CML Michael Coogan commented: "Weakening consumer demand and ongoing funding constraints will dampen monthly lending figures for the rest of this year and into the first quarter of 2009."
Recent figures from estate agency Knight Frank and the Royal Institution of Chartered Surveyors (RICS) indicated that London may be suffering more than its fair share of this mortgage market decline.
Knight Frank said last week that some fashionable areas of the capital were seeing sales volumes down by between 50 and 60 per cent, something that may prompt people looking for homes in boroughs such as Kensington & Chelsea or Hammersmith and Fulham to look to rent instead.
Another indication that London has done worse than elsewhere was the recent RICS finding that the average London surveyor has had just eight home transactions in the last three months.
Published 20th October, 2008
© 2008 Estates IT Limited
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Mortgage lending was down again in September, new figures have revealed.