Reduction in mortgage lending could lead to more people looking for flats to rent in London
There may be a rise in the number of people looking for flats to rent in London following the release of figures that reveal gross mortgage lending fell to a ten-year monthly low in September.
An estimated £12 billion was handed out to people buying a home, the smallest figure for September since 2000 and a seven per cent drop compared to 2009.
In the last quarter, gross lending was an estimated £37.4 billion, a four per cent decrease from the same period 12 months previously.
Council of Mortgage Lenders director general Michael Coogan warned there may not be an increase in finance levels before the end of the year.
"The practical implications of government and public spending cuts are beginning to emerge, with a resulting impact on consumer confidence," he said.
Earlier this month, editor of What Mortgage Ben Wilkie noted the homeowner loans market would not return to a position where loan-to-value mortgages of 100 per cent can be offered in the near future.
Posted by Andy Britten
Published 20th October, 2010
© 2010 Estates IT Limited
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