Mortgage lending slowdown 'is normal'
The drying up of mortgage credit in the UK for potential first-time buyers was to be expected, according to an industry expert.
Figures from the Bank of England indicated that net lending increased by £0.3 billion in March, a lower increase compared with February's rise of £1.8 billion.
In the opinion of Catherine Hearnden, director of MyMortgageDirect, such activity in the sector is normal and recovery, like the economy, the housing market and "everything else", would be slow, adding that "it will have its ups and downs".
She said that the return of a strong housing market would be "a very slow process" and that the earlier bad weather this year had little effect on the situation.
With Ms Hearnden's assertion that a mortgage market slowdown was to be expected, more people may be attracted to look for property to rent in the London borough of Redbridge, or elsewhere in the country, as a result.
By Martyn Glynn
Published 6th May, 2010
© 2010 Estates IT Limited
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More people may be attracted to the idea of looking for property to rent in the London borough of Redbridge, or elsewhere in the country, after a mortgage expert suggested that a slowdown in lending to potential buyers was normal.