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Mortgage lending slumps, again
18 December 2008 16:53
The value of mortgages being taken out in the UK has once again fallen, according to the latest statistics.
Data from the Council of Mortgage Lenders (CML) shows that gross lending slipped to £14.6 billion in November, representing a 22 per cent fall over the previous month.
What's more, year-on-year home loan borrowing has plunged by more than 50 per cent, illustrating the disastrous state of the British housing market.
Director general of the CML, Michael Coogan, said that the mortgage market next year would be particularly depressed, with the amount of net lending most likely turning negative.
He added that issues with repayment and arrears would probably get worse, and unemployment could also rise as the government and lenders tried to revitalise the economy.
In a recent survey by the Building Societies Association, it was revealed that 46 per cent of people see now as the ideal time to purchase a home.
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