Today saw the release of the latest set of data from the Council Of Mortgage Lenders, (CML) stating that Gross Mortgage Lending rose by 5% in July compared to June, although this is still 3% down from July 2009.
In total Gross mortgage lending was an estimated £13.6 billion in July, increasing from £12.9 billion in June and compared to £14 billion in July 2009.
The modest rise in mortgage activity we’ve seen since June has been set against a low base, and although there has been a noticeable rise in the number of products available to borrowers, and more lenders returning to the market, the mortgage landscape is by no means close to returning to “normal”.
The frustration felt by many individuals that banks still do not seem to be lending in sufficient quantities is still evident in the latest Lending To Individuals figures from the Bank of England, which explains the frustration felt by many would-be borrowers.
Just 47,643 loans were approved for house purchases and a mere 29,949 loans for remortgages meaning that both sets of figures have now dropped below their previous 6 months average.
First-time buyers have every right to feel discriminated against, as while mortgage lending has become more profitable for many lenders, it is too often targeted at those customers who are already well catered for. Lenders are continuing to walk the easy path.
Also posted in Bank of England Lending Figures, Best Mortgage Rates, First Time Buyers, House Prices, Mortgage Brokers in London, Property Market | Tagged Bank of England, First Time Buyers, House Prices, Housing Market, London Mortgage Broker, Mortgage Market, Property Market |
For those of you who think times are more than a little tough at the moment, the news that there are still major fears about the strength of the European Banking System, is not really what you will want to hear.
However, this week sees the release of a major report involving the “stress-testing” on a range of European Banks to determine their health and, perhaps more importantly, whether they are in a position to cope if anything goes seriously wrong again. These “detailed” tests have been undertaken on 91 banks, including names such as Deutsche Bank and Commerzbank in Germany, HSBC and Barclays in the UK, as well as Societe Generale and BNP Paribas in France.
Also posted in Credit Crunch, Economic Recovery, Inflation, Interest Rates, Mortgage Market, The Economy | Tagged Bank of England, Credit Crunch, Economy, House Prices, London Mortgage Broker, Mortgage Market, mortgage products |
It was a little sad today to see that many of the papers front pages had gone “Clegg bashing” in an attempt to derail his emergence as a key player.
With the 2nd leaders debate tonight it will be interesting to see how all 3 change tact in order to get the much needed “win” on the night.
However, as my esteemed colleague Rob Gill just pointed out, “British politicians do not try to win elections they wait for others to lose them”. In other words the level of scrutiny is so high now that trying to say nothing much at all is often better than saying something that can then be either pulled apart or lambasted as nonsense, whether taken in or out of context.
Can anyone tell me where 2009 has gone? In fact, actually don’t bother as I suspect that like many we will be glad to see the back of another tumultuous year which has seen many dramatic changes.
The positive news is that 2010 looks like it will be a good year, in fact, I am sure of it.
There are many opportunities for all of us as things slowly begin to improve, and whilst I am under no illusions that it will be hard work, the positives are clearly there.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.
