Mortgage Lending ‘Falls by 10%’ UK

In the UK mortgage loans in November fell by 10% over the previous month, its lowest level since May, according to the lender.

The month of mortgage loans totaling 12 billion pounds, down from 14% in November 2008, in the Council of Mortgage Lenders (CML) said.

For housing loans that have been steadily rising in the fall.

The organization said that the recent month, fell last month, can not be explained by seasonal factors.

It said seasonal decline in moderate to October and November is a typical, but 10% of the drop is larger than normal.

There is no ‘quick recovery’

However, leukemia, said economist Paul Sumter, long-term outlook remains despite the stability of the stamp duty holiday draws to a close one.

No signs of rapid recovery in the loan amount
Paul Samter, the Council of the mortgage loan

In the pre-Budget report, the Prime Minister Alistair Darling confirmed that the 1% stamp duty levy an over Yier Wu ○ ○ ○ British Pound Sterling to sell the property at the end of this year, and now £ 175,000.

“What reason can be expected in many places to change in the coming months,” he said Sumter.

He said: “may be a potential house purchases fell slightly in early 2010, due to the end of the stamp duty holiday activities in the last months of 2009, the peak period.”

The traditional high and low points, according to the market a year will be the dominant factor in 2010, he said.

However, he hands a small first-time buyers, who are still common, faced with have to find large reserves in order to achieve new cheer on the property ladder.

“We have been providing mortgage loans increased slightly recently, including some of the larger loan some preliminary indications of the value of products has emerged,” he said.

“However, there is no rapid recovery in the signs of the loan amount, especially in re-mortgage set to level is still weak, while the low interest rates continue.”

Thursday, real estate agents association, said the proportion of first-time buyers enter the market, the lowest in a year in November.

Changes in the future

Presented by Mr. Sumter, although there is a “title of the introduction of the Budget was announced as” interception “report grasping banker bonus tax.”

Mortgage Loan Application Form
In the UK housing market is a key factor in the economy

He said there were reports of little effect on the housing market will continue to be subdued in 2010.

“There are many factors that lead us to expect only a modest rebound in housing and mortgage market from 2009 to 2010,” he said.

These include loans continue to shrink, because few people would commit an imminent general election time, a major purchase.

Bank of England loans, trends in the report released last Friday also revealed that Britain’s major lending is expected, “a weak recovery in 2010, mortgage loans.”

Consumers are likely to continue to show little interest in lending and other forms of loans and credit cards – 2010 -, the report said.

This decline in unsecured consumer credit by the number of applications for personal loans is expected to fall, driven by High Street banks to the Bank of England.