Mortgage lending falls
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Total mortgage advances fell by 5 per cent to £11.1bn during November, according to the Council of Mortgage Lenders. Lending during November was also 10 per cent down on the £12.3bn that was advanced in the same month of 2009.
The CML said the fall reflected the distortion caused in 2009 by the looming end of the stamp duty holiday, which saw deals to buy properties costing up to £175,000 rushed through before the end of the year.
The CML's chief economist Bob Pannell said: "The fall in gross mortgage lending in November reflects the usual seasonal slowing of activity at this time of year, and reinforces the picture of a continuing flat market.
"Comparisons with the year earlier are somewhat distorted, as some households brought forward house purchase activity into the closing months of 2009 to take advantage of the stamp duty concession. But both demand for mortgage borrowing and the supply of funds for lending remain heavily constrained."
Meanwhile, figures from the Bank of England showed that only 45,000 mortgages were approved by the major banks during November. The figure was slightly up on the 44,000 approvals seen in October and September, but was still 26 per cent down on November last year.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments