x
By using this website, you agree to our use of cookies to enhance your experience.
Written by rosalind renshaw

Gross mortgage lending totalled an estimated £13.6bn in July, a 3% drop from the £14bn lent in July last year, although 5% up on the month before.

The Council of Mortgage Lenders is now predicting overall lending of £140bn for the year as a whole.

CML economist Paul Samter said: “It is difficult to see anything other than a slow market for the rest of this year, as underlying activity remains subdued.

“The rest of 2010 is likely to see rather lower lending and transaction numbers compared with the same period last year. Late 2009 saw a pick-up as some home buyers looked to move before the end of the first Stamp Duty holiday.”

Brian Murphy, head of lending at the Mortgage Advice Bureau, said people would sit on their hands: “There is no Stamp Duty incentive in the second half of 2010, so borrowing levels will inevitably be down on the same period last year, especially with October’s Spending Review looming.”

Andrew Montlake of mortgage brokers Coreco said: “The modest rise in mortgage activity we’ve seen since June has been set against a low base, and although there has been a noticeable rise in the number of products available to borrowers, and more lenders returning to the market, the mortgage landscape is by no means close to returning to normal.

“Mortgage lending criteria have toughened, making it difficult for borrowers, particularly the self-employed and first-time buyers who are struggling to obtain the borrowing they require.”

Comments

MovePal MovePal MovePal