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Summer dip hits the UK mortgage market

The Council of Mortgage Lenders (CML) has today revealed a 13% decline in UK mortgage funding in August. A total of £12.6 billion was advanced to homebuyers against £14.5 billion a month before, although the figure is a slightly more worrying 37% down on the corresponding period last year. So what is going on?

Despite the fact that mortgage lending is down month by month and when compared to the same period last year, there is a feeling that the summer reduction in property transactions is no worse than expected. Indeed, many people would welcome a period of consolidation for the UK mortgage sector as recent headlines appear to have been misleading for some people. Despite the fact that mortgage rates appear to be coming down, more and more people are finding that they need significant deposits to gain access to the best rates.

There is also a feeling that the UK banking sector is currently more competitive than the UK building society sector, an area of finance which has been under pressure for some time. Historically the building society sector has been very competitive in the mortgage marketplace but the UK government is looking to reduce money raising activities and reduce the risks which building societies are allowed to take on.

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