10 Dec

CML: Small stable lending market to continue

CML: Small stable lending market to continue

The Council of Mortgage Lenders (CML) has said that the homeloan market will remain small but stable for people looking to purchase houses for sale in the UK.

Earlier today (December 10th 2010), the CML released a report which showed that there were 46,000 mortgages advanced in October 2010.

This amount, worth £6.7 billion, was found to be a reduction of four per cent in number and six per cent in value from the previous month.

Last month, the CML estimated that mortgage lending for October would be unchanged from September, but that it is likely to decrease over the coming months as a lot was loaned out at the end of 2009 as people took advantage of the stamp duty concession at the time.

Similarly, the remortgaging market had 26,000 loans advanced in October, a decline of nine per cent in number and 11 per cent in value from September.

Director general of the CML Michael Coogan said that these figures are not surprising.

He stated: "Consumer confidence has also been affected by October's spending review - despite the relative affordability of monthly mortgage payments - and so a stable but small lending market will continue for some time to come."ADNFCR-1222-ID-800285503-ADNFCR

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