Mortgage Market Stalling
It has been a while since my last post, news in the property world has been hard to find of late! Today however the CML (Council of Mortgage Lenders) have reported a 10% reduction in mortgage lending and remortgages from the same period last year. £11.6bn was loaned over the month, a 10% drop from the £12.9bn in August and a 15% fall compared to September 2011.
As I have mentioned before a reluctant market for property under £2 mn and the negative economic effects of the London Olympics have only gone to weaken the property market further. It is clear that confidence is still lacking and that is even with the governments funding for lending scheme being in place, aimed to encourage banks and building societies to offer a great range of loans across the market.
4 Quarters Property & Lifestyle