Peter Rollings commenting on the CML mortgage lending figures
Mon 12 Jul 2010
"Sustained record low interest rates have forced down the cost of borrowing, but the restricted number of home loans available means borrowers are still struggling to access mortgage finance. In the central London property market, the majority of property purchases are made by cash buyers, or those with a substantial deposit, therefore the impact of such reduced mortgage lending is limited. However, in other parts of the UK, the drought in mortgage funding is suppressing activity and stifling the recovery in the property market. The banks appear to have turned their attention to the billions of pounds of bail-out money they must repay the government from next year, but they must not lose sight of the immediate priority: increasing lending to the right borrowers. Failure to address this issue risks not only damaging the revival in the property market but also the health of the wider economy."For further information please contact:
The Wriglesworth Consultancy Tom Urpeth / James Staunton 0207 427 1400
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