Gross mortgage lending signals rocky future for homeowners
Homeowners may be looking for a quick and easy way out of the property market through companies such as Tom Craven Property, if the latest statistics from the Council of Mortgage Lenders (CML) are anything to go by.
In their latest lowdown regarding September gross mortgage lending, it was discovered that gross mortgage lending totalled around £12.9 billion in the month – a two per cent decrease from the £13.1 billion lent in August. Nonetheless, it still managed to be an additional four per cent higher than September 2010, the CML said, though was still careful not to celebrate.
That’s because following the market commentary, CML chief economist Bob Pannell said that both house purchase and remortgage lending seem to have fared well during the course of the month, yet it still works in contrast with the backdrop of subdued levels of housing market activity.
Looking to the future, things continued to seem less bright. Mr Pannell said: “However, short-term economic prospects for the UK are not favourable. The housing market is very sensitive to wider household confidence, and this seems likely to weaken over the coming months in response to the latest spike in consumer prices and headline unemployment figures.”