UK Money News
13th May 2008
Mortgage lending slumped in first quarter
Mortgage lending for house purchases slumped to its lowest level since 1975 during the first quarter, new figures have shown.
Data from the Council of Mortgage Lenders (CML) reveals that the number of loans approved for house purchases fell to 142,000 over the period from January to the end of March.
This is the lowest recorded by the CML since the first quarter of 1975.
The body's figures also uncovered a one per cent decline in lending to first time buyers and moves to 46,500.
Michael Coogan, CML director general, said the findings were indicative that lenders had not yet significantly improved their willingness to fund home loans despite cuts to interest rates from the Bank of England.
He said: "Since the introduction of the Special Liquidity Scheme, there has been a slight improvement in credit market conditions with libor moving in a more helpful direction.
"But libor still remains high relative to the Bank rate and any improvement in credit market conditions will take time to feed through into the mortgage market."
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