The Council of Mortgage Lenders has today confirmed that total mortgage lending during September fell...
The drop was widely expected given uncertainties following events of 11 September, and the fact it is typically a quiet time of the year on the mortgage front.
The rate of the monthly decline, 13.3%, was greater than at the same time last year, when sales of mortgages dropped between August and September by 8.2%.
However, re-mortgages held steady at around £4.4bn or just over 30% of the market, indicating sales are not suffering an abnormal slump as some had feared might happen.
Mortgage lender Charcol says indications are that the wider housing market will continue to be solid, despite a slowdown in the rate of price increases.
It says higher-end properties in the £1m+ class are selling slower due to the cutback in bonuses in the City, but houses up to £250,000 are still selling well.
However, Charcol's reading of the macroeconomic picture indicates possible further interest rate cuts will come before the year-end, again supporting the purchasing market, while also keeping the re-mortgaging market strong as people tie in to the lowest rates for four decades.
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