There may be an increase in the number of people seeking a fast property sale after the latest figures revealed that mortgage lending fell in November.
[UKPRwire, Thu Jan 10 2008] According to the Council of Mortgage Lenders (CML), gross lending slumped to £30 billion in the month, signalling a decline of 10.4 per cent on October's figure.
It was also 9.6 per cent down on the £33.2 billion which was lent in November 2006.
Lending for house purchase plummeted 3.1 per cent month-on-month, while remortgaging figures were even worse, falling by 21 per cent.
It is bad news for homeowners and may lead to a rise in people looking for a fast property sale.
Commenting on the figures and the upcoming base rate decision, Michael Coogan from the CML said that even if rates are cut in January, that does not mean mortgage borrowers will see any benefit.
"Each lender will make its own commercial decision on whether to change its SVR to follow a base rate move, depending on its risk profile, cost of funds, and business focus," he commented.
"As the credit crunch has affected businesses in different ways, this fragmentation of approach by different lenders should be expected until the market returns to more normal conditions later this year," added Mr Coogan.
Fast property sale expert Julian King adds, "Fewer buyers means fewer people able to make an offer on your property, thus the price comes down further.
"Thousands of homeowners are also looking to achieve a quick sale because the wait for offers on the open market is too long".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm, which guarantees to make an offer on any property in the UK regardless of its condition or location. The company completes at a time of the vendor's chosing.
"As the property market experiences more and more difficulties, we expect more and more homeowners to be chosing National Homebuyers as their property buyer".
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