Qualified advisers answering your
Financial Questions
call 0800 092 1245

UK mortgage lending fell 30% in 2008

The Council of Mortgage Lenders (CML) has today revealed that mortgage lending in 2008 fell by 30% compared to 2007. As if this was not worrying enough the CML is suggesting that mortgage lending will continue to fall from the next six months to hit record lows. While the total fall across the calendar year was 30%, the trend would seem to be downwards with a 47% downturn in December 2008 alone compared to the same period in 2007.

In total £256.4 billion was lent in 2008 compared to £363.7 billion in 2007 although it is worth noting that current mortgage providers are asking for larger and larger deposits from customers. This means that the vast majority of first-time buyers are currently being priced out of the market and those looking to switch homes are still struggling to come up with a meaningful deposit.

The CML has welcomed the latest rescue package from UK government although like many in the market they are withholding judgement until the details have been released and the funding operation has begun. Until we see a meaningful increase in mortgage finance in the UK we are unlikely to see any significant recovery in the UK property market.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details