More like this
UK mortgage lending falls 13 per cent in a month
Business digest: Mortgage lenders see no signs of hope for first-time buyers this year
Mortgage lending in Britain fell 13 per cent in January compared with Decemnber, according to figures released today by the Council of Mortgage Lenders (CML), reflecting the "sluggish" state of the economy and a lack of demand.
The January figure was actually five per cent up on January 2010 - but this is meaningless, according to CML economist Peter Charles. The reason is that mortgage lending was particularly low last January, owing to the hangover from the ending of the stamp duty holiday.
The CML says the mortgage market is likely to "remain constrained" in the coming months: no recently published data points to growth.
"There is little likelihood of any significant improvement in the mortgage market through the course of this year," Charles said. "In consequence, it is difficult to see much improvement in opportunities for first-time buyers."
Read a full report at BBC News. ·
