Mortgage Decrease Continues
Published on May 25, 2010 | Author: admin
What impact does it have on you?
The Council of Mortgage Lenders (CML) has announced a slight seasonal decline in gross mortgage lending. The CML has also highlighted a significant decrease in the number of first time buyers qualifying for mortgages, as they are finding it increasingly difficult to raise a substantial deposit. The regulating body have expressed fears that the imminent fiscal squeeze could slow the housing markets recovery forcing more funding difficulties for lenders. The CML’s director general, Michael Coogan, comments: “We welcome signs in the coalition agreement that some housing priorities are on the government’s radar.”He adds: “But we still do not know how the incoming government plans to address the funding gap looming over the next few years in the mortgage market”. Friday 21st May’s HIP suspension could also create further challenges to the UK housing market by prompting a surge in speculative house sellers. The Royal Institution of Chartered Surveyors (RICS) recently reported that new instructions are outstripping new buyer to interest and the removal of the HIP could see estate agents’ stock levels increase.
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