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Mortgage figures fall in July

September 11, 2007 by admin  
Filed under News, News-Mortgages

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July saw a decrease in the amount of mortgages being taken out, according to figures released recently by the Council Mortgage Lenders (CML).

The value of those mortgages that were given also fell, the CML statistics showed.

However, when not accounting for lending for house purchase or remortgages, lending overall actually grew to £7.8 billion in July, its highest-ever figure.

Michael Coogan, CML director general, commented: “A slight fall in lending between June and July has emerged for the third year in a row, so of course we cannot read too much into a single month’s figures.

“But the long-anticipated slowdown in the housing and mortgage markets may now be beginning to materialise.”

Affordability is “ever more stretched” he added, but Britons will not see any let up in the financial troubles they face soon.

Meanwhile, Halifax’s latest house price index has shown that the average price of a house in England and Wales has risen to nearly £200,000.

Tags: slight fall, year, mortgage markets, United States Department of Housing and Urban Development, General, single month, Council Mortgage Lenders, economics

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