Outlook for housing market uncertain as remortgaging falls to ten-year low

first_imgTuesday 12 October 2010 8:36 pm Outlook for housing market uncertain as remortgaging falls to ten-year low whatsapp Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp THE days of excessive mortgage lending seen prior to the credit crunch will not return, the Council of Mortgage Lender’s (CML) director-general, Michael Coogan said yesterday, as its latest figures showed remortgage activity had fallen to its lowest level in over a decade.August saw 25,000 remortgages advanced by lenders, accounting for 25 per cent of all loans made in August. The number of loans was down 13 per cent on the previous month and 19 per cent lower than a year ago. The total number of mortgages fell eight per cent in August to 51,600. Of those around a third were loans to first time buyers, a decline of five per cent from July most likely the result of tighter lending criteria and higher deposit requirements, which remain on average above 20 per cent.The comprehensive spending review would further dampen consumers’ appetite to borrow this year, said Coogan.He added he expected lending to slow significantly towards the end of the year while the outlook for 2011 was “uncertain”. Tags: NULL Show Comments ▼ KCS-content last_img