Mortgage lending will fall flat, says CML

Posted: 03 Dec 2008 12:28:48 GMT

The chance that banks will be able to maintain even the low rate of mortgage lending experienced this year will be slim in 2009, the Council of Mortgage Lenders (CML) has hinted.

Instead, banks will face significant problems getting their hands on the money required to lend to consumers, the CML has pointed out, and without government intervention the mortgage market could act in such a way that prices will plummet through an enforced lack of demand.

Michael Coogan, director general of the CML, stated that: "Consumer borrowing will simply not return to the levels seen in 2007, even if funds increased and a wide variety of lenders were to become active in the mortgage market again.

"In fact, unless government takes further targeted action to help market participants, we will see a worsening of the picture next year compared to this."

Many homeowners may choose to sell their property to escape from negative equity, and selling a property online could produce serious benefits.

Avoiding expensive estate agent fees and reaching a wider potential buyer audience are just two reasons why many will choose to sell a property online.

© Houseladder Ltd


Selling or Letting?
Advertise Your Property FREE. Reach over 400,000 Buyers and Tenants every month!

FREE Property Guide
How To Sell, Buy, Let or Rent Property FASTER. Essential Reading for the credit crunch!

Financial Worries?
Tired Of The Rat Race? Want a Solution? Need a Second Income?
Watch This Video