Home loans: latest figures

Filed in Finance

In April, the amount lent out in home loans dropped to around £10.2bn, the lowest April figure in 10 years, according to the latest figures from the Council of Mortgage Lenders (CML), published last Friday (21st May).

In March, gross (i.e. regardless of how much people repaid) mortgage lending totalled £11.6bn, but this fell by 12% in April. The last time we saw a lower figure for April was back in 2000, when it stood at £9.3bn; even last year, gross lending reached £10.3bn.

The CML had expected a ‘slight seasonal decline’ because Easter fell in April – and it noted that gross lending still ‘remains broadly in line with our forecast for lending of £150bn for 2010 as a whole’. Although it’s still a ‘difficult market’, the CML did stress that we’ve seen signs of mortgage availability improving – loans with higher loan-to-value ratios are becoming available and rates are falling slightly.

“We welcome signs in the coalition agreement that some housing priorities are on the government’s radar,” said CML director general Michael Coogan. “But we still do not know how the incoming government plans to address the funding gap looming over the next few years in the mortgage market. It is important that the new government grasps this nettle. Unless funding issues are addressed, any recovery in lending may well be curtailed as the repayment date on the support schemes gets closer.”

The CML also published a ‘market commentary’ last Friday, pointing out that home loans’ low interest rates are likely to be here for some time to come, and that arrears and repossessions are declining steadily.

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Read more on Think Money.

Posted by admin @ 28 May 2010 21 comments

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