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Commercial Property News
'Slow start' for residential mortgage lending
Mortgage lending in the residential property market will be constrained during the first few months of 2010 but should increase as the year goes on.
This is according to spokesman for the Council of Mortgage (CML) lenders Bernard Clarke, who noted that demand for residential mortgages will be limited during the first few months, following the surge that was seen at the end of last year as buyers rushed complete purchases while the stamp duty holiday was still in place.
"Because there were a bunch of transactions that went through in December, it is likely that lending will be a little slow to start in the early months of the year," he remarked, but added that the body expects to "see some increase in business" in the months to come.
Figures from the CML show that lending was down 43% to £143.7 billion in 2009 when compared to 2008, however there was a 14% month-on-month rise in December.
This is according to spokesman for the Council of Mortgage (CML) lenders Bernard Clarke, who noted that demand for residential mortgages will be limited during the first few months, following the surge that was seen at the end of last year as buyers rushed complete purchases while the stamp duty holiday was still in place.
"Because there were a bunch of transactions that went through in December, it is likely that lending will be a little slow to start in the early months of the year," he remarked, but added that the body expects to "see some increase in business" in the months to come.
Figures from the CML show that lending was down 43% to £143.7 billion in 2009 when compared to 2008, however there was a 14% month-on-month rise in December.
Fri, 19th Feb 2010