August 22, 2008
UK mortgage market continues downward spiral
The Council for Mortgage Lenders ( CML ) has warned first time home buyers that they will find it increasingly difficult to obtain a mortgage over the coming months. The latest figures show that the rate for mortgage lending has fallen by 30% in July.
The CML stated that the current decline was due to a lack of mortgage funding and the slowing of demand.
The CML added that consumer demand in the UK’s mortgage market had slumped because of the fall in house prices, increases in gas and electricity costs and the tightening of lending criteria, all of which have been brought on by the current global credit crisis.