Mortgage lending down annually says National Homebuyers
Many homeowners may seek a fast property sale after it was revealed that annual mortgage lending fell in January.
[UKPRwire, Wed Feb 27 2008] The Council of Mortgage Lenders (CML) has published figures for the month, showing that £26.5 billion was borrowed.
However, this was down on the figure borrowed in January 2007, which was recorded as £26.6 billion.
The decline in lending may lead to many people seeking a fast property sale, as fewer buyers entering the market is likely to lead to falling house prices.
Further to this, Michael Coogan, director general of the CML is concerned that lending figures will begin to fall further in the coming months as a result of lenders tightening their criteria and removing mortgage products from the market.
"There is considerable uncertainty in the housing market at the moment and we expect lending volumes to be lower in the coming months," he said.
Julian King of National Homebuyers says, "It is increasingly difficult for vendors to achieve a quick sale on the open market.
"Homeowners who need to sell property quickly are advised to research other options available to them".
Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The company is also the leader in the Sell and Rent Back market.
Recent figures from Nationwide showed that house prices have already begun falling, with January's House Price Index showing a 0.1 per cent month-on-month fall.