Mortgages: Lending declines in August
14.10.2008
Mortgage lending declined further in August, newly-published figures reveal.
Analysis released by the Council for Mortgage Lenders shows lending for house purchase was 63 per cent lower during that month than was the case a year previously.
The body states that the first-time buyers who had managed to buy their own home had borrowed an average of 84 per cent of the property's value through a mortgage, down from 90 per cent in August 2007.
Michael Coogan, the CML's director general, said: "The package of measures announced yesterday will have a positive effect but it will take time for it to feed through to the mortgage market."
Recently, the Royal Institution of Chartered Surveyors stated the average number of transactions per surveyor had fallen to less than one a week per professional.
It asserted the drop was being caused by a lack of mortgage lending finance in the markets.
Analysis released by the Council for Mortgage Lenders shows lending for house purchase was 63 per cent lower during that month than was the case a year previously.
The body states that the first-time buyers who had managed to buy their own home had borrowed an average of 84 per cent of the property's value through a mortgage, down from 90 per cent in August 2007.
Michael Coogan, the CML's director general, said: "The package of measures announced yesterday will have a positive effect but it will take time for it to feed through to the mortgage market."
Recently, the Royal Institution of Chartered Surveyors stated the average number of transactions per surveyor had fallen to less than one a week per professional.
It asserted the drop was being caused by a lack of mortgage lending finance in the markets.
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