Mort­gage lend­ing drops six per cent

Yorkshire Post - Property - - PROPERTY -

Gross mort­gage lend­ing in Fe­bru­ary was 6 per cent down on Fe­bru­ary 2009, ac­cord­ing to the Coun­cil of Mort­gage Lenders.

Nick Leeming, of Zoopla, says: “How­ever hard lenders try to pa­per over the cracks, the plain fact is that mort­gage lend­ing is still lower than a year ago, when the hous­ing mar­ket was on its knees.

“There’s plenty of de­mand from buy­ers, which has the po­ten­tial to cat­a­pult the prop­erty mar­ket to a full re­cov­ery. But trans­ac­tion lev­els will re­main sub­dued if the lack of mort­gage fund­ing on of­fer pre­vents buy­ers from pur­chas­ing a home.

“Un­favourable mort­gage rates and pro­hib­i­tively high de­posit re­quire­ments mean first-time buy­ers con­tinue to be the worst hit.

“It will be a long hard road to re­cov­ery in the prop­erty mar­ket un­less lenders make mort­gage fi­nance more read­ily avail­able to the right bor­row­ers.”

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