UK: Mortgage Lending Down 63 Percent In 2008
New data from the Council of Mortgage Lenders makes grim reading and reflects just how tight getting a mortgage has become. The figures reveal total net lending for 2008 was just £39.7bn, down 63% from £108bn in 2007.
The number of purchased home loans dipped from 1,017,000 in 2007 to 516,000 in 2008, that was the lowest level since 1974.
Loans for first-time buyers also plummeted by 163,600, with 357,800 in 2007 to 194,200 in 2008. First-time buyers had to put down an average deposit of 22% in 2008, and that is simply beyond many. It is also the highest level of average deposit put down by first-time buyers since the CML's records started back in 1974. Until the end of 2007 a 10% deposit was the norm.
The number of purchased home loans dipped from 1,017,000 in 2007 to 516,000 in 2008, that was the lowest level since 1974.
Loans for first-time buyers also plummeted by 163,600, with 357,800 in 2007 to 194,200 in 2008. First-time buyers had to put down an average deposit of 22% in 2008, and that is simply beyond many. It is also the highest level of average deposit put down by first-time buyers since the CML's records started back in 1974. Until the end of 2007 a 10% deposit was the norm.