September figures indicate that mortgage market will remain subdued

Industry officials have said that the mortgage lending figures that were recently released for September of this year indicate that mortgage lending levels are set to remain subdued for some time to come. Officials from the British Bankers’ Association said that a further fall in mortgage approvals in September was indicative of a continued slump in the mortgage sector.

September saw mortgage lending levels in the UK plunge to their lowest leve in ten years, and the number of mortgages that were approved also nosedived, falling to their lowest level in around eighteen months. The figures, which were released by the British Bankers’ Association, showed that net mortgage lending by the major banks came to around £1.6 billion for the month, which was its lowest since October 2006.

Industry experts have said that the figures that have been released seem to suggest that mortgage lending will continue to be slow and the market will remain subdued over the coming months. Officials have also said that potential buyers will remain cautious over the coming months which will further hamper the mortgage market.

Figures that were recently released by the Council of Mortgage Lenders mirrored the bleak outlook suggested by the BBA reports, and HM Revenue & Customs also released date showing that the number of property sales had also taken a hit. HMRC said that August saw the first significant property sales fall this year, with the sale of property said to have fallen.

In further bad news for the property market property prices are also set to fall further, with figures showing that they have already experienced another fall in September, which has taken the annual rate of gain down to just 2.6 percent.

Tags: leve, market property prices, finance, mortgage lending levels, council of mortgage lenders, mortgage lending, british bankers association