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Mortgage lending in the UK falls to record low

For those observers wearing rose tinted glasses the news that November's mortgage figures are the lowest on record does not make good reading. The situation in the UK property market seems to be getting worse at a time when many had been hoping for some form of stability as we move from 2008 into 2009. While many are blaming the UK banking sector for a significant reduction in mortgage funding liquidity it would appear there is still very little demand for UK property at the moment.

Mortgage funding liquidity is the food which feeds the UK property market and without this there is no hope of a meaningful recovery in the short term. This was something which the UK government highlighted from a very early stage and despite repeated attempts to force UK banks to release more liquidity, if anything the situation is worse than before. Quite what the UK government can do now remains to be seen as the banking sector is firmly entrenched having moved from the rescue stage to a more defensive phase of the recovery process.

We are sure to see more friction and fallout between the UK government and the UK banking sector as attempts to refloat the UK economy in 2009 become more and more desperate.

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