No `significant recovery` ahead as mortgage lending falls

22 June 2009

The Council of Mortgage Lenders (CML) has said it does not expect to see a significant recovery in activity in the coming months.

It said that mortgage lending volumes were still at `extremely low levels`, and that limited availability of mortgages would continue to restrict the market.

CML economist Paul Samter said: "While recent signs from the housing market have been more encouraging, we do not anticipate a significant recovery in activity in the coming months. Lending volumes appear to have stabilised at extremely low levels, but the weak labour market and lenders` limited access to funding will constrain activity for some time yet."

A mortgage expert for Think Money commented: "Although the housing market is still struggling, today`s lower house prices do mean that those who can find a mortgage can buy a home without taking on as much mortgage debt as they might have a couple of years ago.

"Anyone looking for a mortgage should speak to a professional mortgage adviser, who can help them to find the best deal for their circumstances."

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