The Council of Mortgage Lenders has released figures showing a slump in the number of mortgages taken out towards the end of last year. Just 225,200 mortgages were taken out in the last three months of 2007 – the lowest number in a final quarter for 12 years. Over that time, the average number of mortgages taken out in the final quarter stands at just below 300,000, making this year’s figure 24 per cent less than usual. That quarterly figure has been lower on three occasions since 1995, though only in typically quieter quarters.
The CML also admitted things may get worse, especially given the 35 per cent slump in lending for home purchases in December. Furthermore, the first quarter of the year tends to be the quietest, so lenders could be in for a struggle for a few months to come yet.
New Figures Show Slow Final Quarter for Home Loans
Wed, 20 Feb 2008
Recommended links
How does a payday loan work?Payday loan charges
Who are they suitable for?
Pros and cons
Taking out a payday loan
Couples Hiding Secret Loans from Partners
EU set to change cooling off periods for loans
|
|
|
