Peter Rollings commenting on todays figures from the CML
Mon 20 Oct 2008
Its no surprise to hear mortgage lending dropped off a cliff in September weve already seen the impact on house prices in London. If were to rescue the situation, lenders need to open the credit flood gates immediately. Yes, mortgage lending has been hit by falling prices putting people off moving home or getting on to the property ladder. But it has also been constrained by the tighter lending criteria adopted by lenders in the face of the credit crunch.
People know there are plenty of bargains out there now, but they need the financing to snap them up. If youre a cash buyer a window of opportunity now exists.