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UK mortgage lending fell by £1 billion in April

The revelation from the Council of Mortgage Lenders that funds set aside for approved UK mortgages in April fell by £1 billion to £10.4 billion compared to March has shocked many. However, while this figure in itself is very disappointing the fact that overall UK mortgage lending fell by 60% in the year to April 2009 is even more astounding. The month by month reduction finally kills any hopes of a short term recovery in the UK property market and will upset many investors and property experts who had hoped the end of the recession was nigh.

While the mortgage figures in the UK are becoming ever more difficult to understand and extrapolate data from, there is certainly a growing trend towards further declines in the property sector in the short to medium term. Despite the fact that mortgages have never been cheaper in recent history, UK base rates appear set to remain at 0.5% for some time to come and the government has significant control of the UK banking sector, this does not appear to be making much headway in the overall mortgage market.

Quite where UK mortgage lenders go from here remains to be seen as some have been more proactive than others in offering promotions and discounted rates. However, as we have covered on a number of occasions there are significant deposit requirements for the "better rates".

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