12
Nov
CML reveal number of mortgages remain unchanged
The Council of Mortgage Lenders (CML) has revealed that the number
of mortgages taken out by people purchasing houses for sale in the
UK remained unchanged between August and September 2010.
It also showed that while the quantity of home loans taken out
stayed the same, the volume of money dropped by £0.2
billion.
This indicates that homebuyers looking to purchase properties for
sale in Britain are requiring lower mortgages, reflecting a fall in
the average price of a house.
Indeed, this could be why the number of loans given to first-time
buyers rose by four per cent to 18,600 in September.
The CML's figures also showed that the number of loans taken out
for remortgaging rose from 25,000 in August to 29,000 in
September.
These results are likely to be welcomed by people looking to buy
houses for sale, in addition to the news the Bank of England
reported earlier this week that the average tracker rate for
mortgages dropped from 3.72 per cent in July to 3.56 per cent in
September.