Buying and selling at all-time low
HOUSING transactions have fallen to their lowest level since records began, according to the Council of Mortgage Lenders.
It does not expect lending levels for house purchase to be higher than 520,000 loans – the same as 2008 and 2009. The figure is lower than in any other year since 1974.
The CML says: “Current levels of mortgage lending for house purchase are abnormally low, even for a recessionary period.
“Although we must allow for some decline in demand, the pattern we have seen in this downturn underlines the extent to which the current slump is different.
“It has been driven principally by a reduction in the availability of credit.”
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