Mortgage lending decreases in March
Published: 13-May-2008
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As the impact of the credit crunch continues to take hold in the UK property market, first-time buyers are facing even greater difficulties in their attempts to purchase a home.
That is according to new figures from the Council of Mortgage Lenders (CML), published today (Tuesday, May 13th) which revealed that there was a decline in mortgage lending in March.
The month saw the number of mortgage approvals fall to 46,500, representing a one per cent month-on-month decrease.
Michael Coogan, director general of the CML, predicted that over the course of this year there would be a continued decrease in the number of property purchases.
He added: "Since the introduction of the Special Liquidity Scheme, there has been a slight improvement in credit market conditions with libor moving in a more helpful direction.
"But libor still remains high relative to the Bank rate and any improvement in credit market conditions will take time to feed through into the mortgage market."
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