Peter Rollings commenting on the latest CML lending figures
Thursday, 11 November 2010
"Lending to home buyers continues to bump along the bottom – and there is little sign that this will pick-up in the near future. Those without a large deposit are still facing significant difficulties in securing a mortgage – but many buyers in central London can afford to place a deposit of at least 30%, for instance, which is helping to keep demand buoyant and boost activity. The capital’s market has different dynamics to the rest of the UK – and has been somewhat insulated against the mortgage draught facing the rest of the country. Over half of the purchases made in London are by cash-buyers - a combination of cash-rich UK and foreign investors, who are not constrained by issues of mortgage finance. Nevertheless, the lack of mortgage funding continues to stifle the wider national market. As many banks and building societies begin to focus on repaying the money they received from government 'bail-outs', they must not let sensible new lending drop down their list of priorities. The revival of the housing market – and wider economy - is dependent on lenders encouraging the right borrowers onto the market".
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