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Mortgage lending ticks up from recent lows

While we have seen a small increase in the number of mortgages approved last month, compared to August, the figures are still some 60% down on the same period last year. Whether the governments rescue package has started to kick in or we are seeing investors 'bottom fishing', remains to be seen but the overall situation is still dire. What next?

All that we can do at the moment is let the financial sector consolidate in the light of the rescue package and increased liquidity and come to terms with the new environment. If this does not give the sector a major short term boost then we really are in trouble as there are not too many other options open to the UK and even worldwide authorities.

However, there is still some concern that the UK mortgage lenders are not keeping their side of the refinancing bargain and passing interest rates cuts on to customers. Whether the government is giving them a grace period to get their house in order or has ignored this fact remains to be seen. What ever the case may be we cannot afford to wait around too much longer to see if the rescue is actually going to work.

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