Mortgage market in UK continued to slow last month, activity report shows | Europe | News
The UK mortgage market continued to slow in July as the eurozone crisis continues to create a weak economic outlook, according to the latest Housing Market Activity Report by Connells Survey & Valuation.
While the total number of residential valuations conducted during July rose by 8% compared to a year ago, valuations fell 13% compared to June as the eurozone crisis continues to hamper the mortgage market.
‘The UK’s mortgage market continues to feel the effects of the financial crisis across the channel and the ongoing economic recession. Lenders concerned about the impact of a deterioration in the eurozone have been concentrating on consolidating their balance sheets rather than new lending, putting the brakes on valuations activity,’ said John Bagshaw, corporate services director of Connells Survey & Valuation.
‘Nevertheless, the launch of the Funding for Lending scheme could well breathe new life into the housing market as the year progresses. If lenders grasp the opportunity for cheap finance with both hands, and pass this onto new buyers, we should see the housing market take a step towards recovery,’ he explained.
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