Seven lean years for lending
MORTGAGE lending has stabilised but is likely to remain at current levels until at least 2015, according to Michael Coogan, director general for the Council of Mortgage Lenders.
Speaking at the Chartered Institute of Housing’s annual conference, in Harrogate, he said: “We are in the middle of seven lean years. It’s important that we are back at a period of stability, even if it’s at a lower level of activity.”
Lenders, he added, had no wish to return to the “over-excited” levels of borrowing that preceded the credit crunch. He stressed the CML was working with the NHBC to assist the house-building industry.