Mortgage figures fall in July
September 11, 2007 by admin
Filed under News, News-Mortgages
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.
