Press response to CML's gross mortgage lending statistics to September
Mon 20 Oct 2014
Peter Rollings, CEO of Marsh & Parsons, comments:"Were watching with interest the natural ebb and flow of the property market. After a strong surge at the start of the year, house price growth is easing to more natural levels, and as a result,overall mortgage lending dipped in the month to September. But the stream of lending has not dried up, and the mortgage market has negotiated the new criteria of the Mortgage Market Review around the introduction of tighter affordability checks and more rigorous regulation in the spring.
"Confidence is still buoyant, kept afloat by the growing pool of available properties on the market and some outstanding mortgage products coming to the market since the indication from the Bank of England that interest rates would stay lower for longer. Trading conditions are considerably less turbulent than they were a few months ago, and buyers and sellers alike are enjoying the less frenetic pace, increased choice and the calmer pace of competition, and this is already leading to a more active fourth quarter of the year. The only obstacles that could disrupt the course of the recovery are additional interventions in the mortgage market or premature withdrawal of schemes like Help to Buy, which could sink first-time buyer asPpirations and stall progress further up the chain."