Gross mortgage lending decreases
Published: 18-Apr-2008
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First-time buyers could find it even more difficult to get a foot on the property ladder, as conditions in the UK's mortgage market worsen.
According to new figures from the Council of Mortgage Lenders (CML), gross mortgage lending stood at approximately £26.3 billion last month, representing a year-on-year decrease of 17 per cent.
Estimations for gross lending in the first quarter of 2008 showed an eight per cent decrease on the figure for the same period last year, where lending stood at £83.9 billion.
Michael Coogan, director general of CML, said that the impetus was now on the Bank of England to take measures in order to ease the "rapidly worsening" conditions in the market.
He commented: "Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices."
Previous figures from the CML revealed that 52 per cent of borrowers opted for fixed-rate mortgages in February 2008.
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