UK mortgage loans are down 44% compared to May 2007
10/07/08
Compared to May 2007, mortgage loans on homes for the same month this year are down by forty-four per-cent according to recent figures. The credit crisis continues to hit the housing mortgage market hard as figures for the year are down compared to last year.
Figures from the Council of Mortgage Lenders showed that the number of mortgage loans in the UK in May were up on April’s figures, however were down compared to last May’s figures.
There was a six per-cent reduction on gross lending on the month and twenty-two per-cent on the year. These figures meant that figures have fallen seven consecutive times. The figures also suggested a fall in remortgage loan figures amounting to 71,000 in May which represents a twenty-three per-cent drop on the year.
General Director of CML, Michael Coogan said "Lending levels continue to be lower than last year and any recovery is still some way away, with little sign of the special liquidity scheme increasing the flow of funds to the industry or lowering the cost of funds as hoped."
