Mortgage Lending At Lowest Levels Since 2000

The provision of mortgage loans has fallen to the lowest September level for a decade as a sombre housing market continued, according to the Council of Mortgage Lenders (CML).

The total amount loaned during the month was £11.98bn, a fall of 1% on August and at a low level unseen since 2000. Plus with lending levels falling for two consecutive months, this trend marked the clear failure of the traditional 'summer bounce' in prices.

CML have also warned that lending volumes were unlikely to increase for the remainder of 2010.

"Lending volumes do not seem likely to increase susbstantially towards the end of the year. Funding pressures on lenders remain, and the practical implications of government and public spending cuts are beginning to emerge, with a resulting impact on consumer confidence."

This will naturally contribute to increased demand for rental properties for those unable to buy, a positive for both landlords and the letting agents who serve them.

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