Mortgage lending 'unlikely to grow'
Northern Rock, Woolwich and Abbey have all cut their rates by up to 0.6 per cent in response to HSBC extending its own 1.99 per cent deal.
It is believed more lenders will now follow this course of action, but does this mean hope is on the horizon for people who wish to buy a home?
Andy Pratt, chief operating officer at Alexander Hall, has warned that although rates were being lowered, this was unlikely to lead to an increase in lending.
"There isn't any sign of more funding being available to lend and there isn't really any sign of changes in criteria. I think that will follow later," he explained.
With this in mind, Britons may find that property to rent in Eltham and other parts of London remains more affordable than buying, particularly as house prices in the capital tend to be higher than the rest of the UK on average.
Written by Charles Mackay
Published 9th October, 2009
© 2009 Estates IT Limited
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Although some mortgage lenders have lowered their rates, one sector commentator claims this is unlikely to lead to an increase in lending.