Number of mortgages 'dropped in October'

Posted by Mark Cunningham

The number of people looking to buy a home in the UK fell in October, new figures have shown.

According to official statistics from the Council of Mortgage Lenders (CML), lending from banks and building societies for both house purchasing and remortgages were affected by a lull throughout the month, which correlates with the expectations of experts in the field.

The data reveals that October saw 46,000 loans for purchases of residential properties - worth a total of £6.7 billion - which represents a four per cent drop in volume and a six per cent fall in value on the figures seen one month previously.

Meanwhile, remortgaging also displayed a similar trend, with loans for these home credit deals falling by nine per cent during the period in comparison to September.

This comes after Ian Fletcher of the British Property Federation said that landlords and tenants need to improve their communication in the rented property sector.
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10/12/2010 14:51

News category: Property

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