UK Mortgage Lending Down Currently
UK Mortgage Lending Down in January 2015. Mortgage lending across the UK continued to fall in January 2015, according to figures from the Council of Mortgage Lenders.
Home owners borrowed £14.3bn last month which is an 11% drop on the same month in 2014 and the lowest figure since April 2013.
January’s figure also marked a 14% fall from the £16.6bn lent in December 2014.
However, January is typically a slow month for the market and the Council of Mortgage Lender’s figures are not seasonally adjusted.
However, the Council of Mortgage Lenders still expects lending to grow by 9% throughout 2015.
“Although seasonal factors will continue to weigh on activity levels for a while longer, we expect the underlying picture to pick up over the coming months,” said Bob Pannell who is the Council of Mortgage Lenders’s chief economist.
In 2014 lending grew by 14% overall.
Other experts agreed that the market is likely to pick up as this year goes on.
With the stiff mortgage lending conditions in force, it is inevitable that the mortgage market has not taken off yet.
When mortgages are hard to get, then the knock on effect is the housing market sales and purchases too. This also affects all other associated supply and services businesses too.