UK Money News
18th April 2008
CML calls for fast action from Bank of England
The head of the Council of Mortgage Lenders (CML) has called for swift action from the Bank of England to remedy worsening conditions in the housing market.
The call from Michael Coogan, director general of the CML, came amid new figures from organisation which indicate that the gloomy mood in the sector is becoming more entrenched.
According to the study some £26.3 billion was lent in the form of home loans during March.
This represents a decline of 17 per cent from the same month last year.
Mr Coogan said: "We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions.
"Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices."
Earlier this week reports indicated that the Bank is poised to intervene in the housing market and provide lenders with emergency funding. The deal is conditional on mortgage providers loosening their lending criteria.
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