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SELL YOUR HOME QUICKLYMortgage lending falls 8 percent
The month of April has revealed an eight percent drop in mortgage lending, in comparison with the same month last year, the Council of Mortgage Lenders (CML) has found. This was according to a report published online today by “Aboutproperty”. The CML represents 98 percent of the home loan industry.
Compared to figures collected in March, it was also clear that mortgage lending had dropped by five percent since last month. The CML stated that falls are generally to be expected during the months of March and April each year; however, it added that Easter falling during March might also have had an effect on lending, said “Aboutproperty”.
The article quoted Michael Coogan, CML director general, as saying, “In the wake of the credit crunch, 2008 will be remembered as a very weak year in the housing market. But our forecasts assume some indirect benefits from the Bank of England special liquidity scheme beginning to have an effect in the mortgage market in the later part of the year.” Coogan went on to predict that, despite the current decline, the outlook for the housing market – and those needing cash for houses – would become rosier after this current hurdle. “Over the next few months, lending volumes will get worse before they get better.”