British mortgage lending hits 16-year low
The number of mortgages being lent for house purchase in Britain has slumped to its lowest level for 16 years, according to the Council of Mortgage Lenders (CML).
The CML's mortgage figures for the three months to February, at a combined number of 163,000, are the lowest for any quarter since early 1992, during the depths of the last recession.
There were just 18,000 loans to first-time buyers in February, the lowest figure since monthly records started in 2002.
The level of first-time lending to home buyers over the past three months is now at its lowest since the first quarter of 1975.
Loans for house purchase made up only 30% of all mortgage lending, the lowest proportion on record, according to the CML.
The CML blamed the credit crunch and said it would restrict lending further. (Xinhua)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.