19
Feb
Mortgage lending 'will recover'
The mortgage lending market will recover, but it will take time,
one industry expert has advised.
Head of consulting at Ducalian Timothy Lambert explained that the
economy as a whole is still weak, despite gains seen in recent
months.
"While the economy is showing growth, it is very fragile still and
will take time for confidence to return to lenders, despite
pressure being put on them by the government," he noted.
Mr Lambert stressed that mortgage lending will recover "in time"
but cautioned that it could decline further over the next few
months.
Figures released by the Council of Mortgage Lenders (CML) on
February 18th revealed that finance for house purchases fell by 32
per cent between December 2009 and the first month of this
year.
The CML attributed the significant drop to the increased number of
buyers rushing to complete purchases in December before the stamp
duty holiday finished at the end of the month.