Fresh figures from the Council of Mortgage Lenders (CML) indicate that the number of mortgages taken out to purchase homes has fallen by 10 per cent in the past year. The figure, according to experts, indicates that the housing market is starting to slow down.
The decline, which represents a fall to the lowest level recorded since 1996, was largely down to funding constraints according to the CML. How the recent decrease in Bank of England base interest rate affects mortgage borrowers remains to be seen.
The average interest rate paid by borrowers last year climbed by over 0.5 per cent. First-time buyers were particularly badly affected by the level of mortgage affordability, with greater percentages of income swallowed up on mortgage repayments .
Forecasting the future, CML director general Michael Coogan reportedly commented: Affordability has been stretched further in 2007, but the recent base rate cuts and the expectation of future cuts will ease debt servicing burdens in 2008. The impact of payment shock on the large numbers of borrowers coming to the end of fixed-rate mortgages will also be less than we anticipated last year."
10 per cent decline in mortgage lending
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10 per cent decline in mortgage lending
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