Loan famine forces more into rent­ing

Yorkshire Post - Property - - PROPERTY -

GROSS mort­gage lend­ing last month was the low­est for Oc­to­ber in 10 years. It was an es­ti­mated £12.4bn, un­changed from Septem­ber but down nine per cent from £13.6bn in Oc­to­ber 2009, ac­cord­ing to the Coun­cil of Mort­gage Len­ders.

Speak­ing at its Mort­gage In­dus­try Con­fer­ence, CML chair­man Matthew Wyles said the year is likely to end on about £137bn gross lend­ing, and £9bn net lend­ing. In a nor­mal mar­ket, gross lend­ing would be be­tween £200bn and £250bn.

The num­ber of peo­ple un­able to get on the prop­erty lad­der and forced into rented ac­com­mo­da­tion is ris­ing. Mr Wyles ex­pects there will have been only 160,000 first-time buy­ers in 2010.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.