Mortgage lending has more than halved over the past twelve months as the effects of the credit crunch and financial crisis hit banks and building societies.
Research by the Council of Mortgage Lenders (CML) also found more than half of all homebuyers avoided stamp duty following the Government’s temporary suspension for some homes. The CML’s latest figures show the number of loans for house purchase fell to 35,000 in September, down 15% since August and a staggering 57% lower than a year ago. Remortgage volumes fell by a similar amount between August and September, down 15% to 62,000. However, thanks to the Government’s removal of stamp duty for properties up to £175,000, 51% of borrowers avoided stamp duty, up from just 22% in September 200...
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