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CML predicts subdued mortgage market
Wed, 08 Feb, 2012
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CML predicts subdued mortgage market
Thu, 19 Aug 2010, 11:00:00
Mortgage lending is likely to remain slow for the rest of the year, the Council of Mortgage Lenders (CML) predicts. An estimated £13.6m was lent in July, a 5% increase from £12.9bn in June, but down 3% from £14bn of mortgage lending in July 2009. 'It is difficult to see anything other than a slow market for the rest of this year as underlying activity remains subdued,' CML Paul Samter. 'The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year.' He said that mortgage lending picked up in late 2009 as home buyers sought to enter the market before the end of the stamp duty holiday. Householders are still paying their mortgages in full every month, with low interest rates helping them stay on top of their finances, he said. Recent figures suggest that the housing market has entered a period of weakness. Asking prices for newly-marketed homes have fallen by 1.7% in the UK this month after supply hit its highest for any August in three years, according to data from Rightmove's monthly house price index released last week.
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