CML says 2008 saw lowest activity for 34 years

CML data released today shows there were 516,000 house purchase loans in 2008, a decline of 49% from 2007 and the lowest since 1974. According to the trade body, there were 32,000 house purchase loans in December, a decline of 5% from November and the lowest level since monthly records began in 2002. Remortgaging declined by 26% from November to 40,000 loans in December. The CML suggests the tightening in credit criteria, falling house prices, and the weakening economy have restricted the number of first-time buyers entering the market, with just 12,100 loans to first-time buyers in Dec...