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Mortgage Solutions | 11 Nov 2008 | 09:59
The latest figures from the Council of Mortgage Lenders (CML) has revealed there were 35,000 loans for house purchase in September, down 15% from August and almost 57% from September 2007.
The story is slightly better on remortgages, with 62,000 loans for remortgage worth £8.5bn in September, down 15% in volume and 16% in value from August, but still around two thirds of September 2007 levels.
Michael Coogan, director general of the CML, admitted house purchase activity had reached “exceptionally low levels”.
He added: “Banks and building societies do want to support homeowners, but they have limited funds available and are, quite reasonably, taking a prudent approach to risk. If the pricing and volume of interbank lending continues to improve, this should help the flow of mortgage lending.”
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