The level of home loans in the UK has fallen again, the Council of Mortgage Lenders (CML) has said.
During January the total of mortgages lent for house purchase fell to 23,400 from December's figure of 32,400, the CML noted, with both home mover and first-time buyer numbers declining.
This figure was also less than half the January 2008 total of 48,600 and CML director general Michael Coogan said that there is a "huge gap" in mortgage finance, with many overseas and specialist lenders having withdrawn from the market.
Such a situation may suggest that those who succeed in getting finance for property investment are those who get good advice on how to do so first.
Commenting on the CML findings, the Royal Institution of Chartered Surveyors highlighted the same problems Mr Coogan pointed to, stating that this "clearly demonstrates the fundamental problem in the mortgage market at the present time", in which growing buyer demand is not matched by the supply of finance.
Published on: March 12, 2009