New figures suggest there was a further housing market cool in January as gross mortgage lending figures declined 16% to £17.9bn from £21.3bn recorded in December.
A survey by the Council of Mortgage Lenders (CML) also reveals a marked decline in lending for house purchase, accounting for only £7.1bn in January and which is a full 29% lower than the previous month along with 30% less than the figure of £10.2bn in January 2004. Additionally, lending for house purchase represented only 40% of total lending in January, compared with 47% in December and January last year. Figures show the number of loans for house purchase also fell 26% from 85,000 in December to 63,000 in January, a good indication of the decrease in the volume of lending says theCML...
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