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Posted by Richard Saunders

The number of people buying a home in the UK dipped slightly throughout last month, new figures have shown.

According to data collated by the Council of Mortgage Lenders (CML), gross lending for home credit products was down by around five per cent to £11.1 billion in November 2010 in comparison to the figure of £11.6 billion posted one month previously.

In addition, the CML stated that "reflecting the distortion in lending that arose towards the end of last year's stamp duty concession", the number seen in November of this year is some ten per cent lower than that recorded in the corresponding month of 2009.

Meanwhile, this also represents the lowest value of approvals for ten years, the organisation added.

Bob Pannell, chief economist at the CML, said this fall is normal at this time of the year as house purchases wind down before Christmas.

This comes after Malcolm Harrison of the Tenancy Deposit Scheme recently stated that long-term tenancies are becoming more popular in the UK.
 

21/12/2010 15:43