Tuesday, February 01, 2011

Mortgage Malaise

The Bank of England reports that net mortgage lending (sans redemptions and repayments) was £8.15BN for 2010 (a fall from £11.33BN in 2009), the lowest level since records began in 1987.

The cause of this mortgaging malaise can be attributed to the fall in economic optimism, coupled with the reluctance of banks to lend on affordable terms.

Neither of the above two issues are to be resolved in the near future.

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