Housing crisis as home loans slump to new low - Business News, Business - The Independent
Britain's housing market is on the verge of another precipitous lurch downwards, data published yesterday suggests, with mortgage lending now at its lowest level since the height of the financial crisis in the final few months of 2008.
The Council of Mortgage Lenders (CML) said its members, which represent 94 per cent of the home loan market, made just 28,500 new advances during January, a drop of 26 per cent compared to December. The value of lending was down by 26 per cent.
While lenders almost always provide less mortgage finance in the first month of the year, the CML said "adecrease of this magnitude is greater than seasonal factors alone wouldexplain". January's figure was 12 per cent lower than the same month of 2009, itself a poor period for the mortgage market, when snow slowed the UK economy.
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