Mortgage lending unchanged in November

According to the latest Council of Mortgage Lenders CML figures, November was a stable month with very few changes to the level of mortgage lending, with around 44,000 mortgages agreed, worth £6.3 billion.

Lending was practically unchanged from October but down 15 per cent by volume and 13 per cent by value from November 2009.

The CML's figures showed a small increase in the number of remortgage products from 25,000 to 26,000, but figures from the Bank of England showed a much larger increase from 29,200 loans in October to 36,300 in November.

First-time buyers took out 16,400 loans in November, a three per cent increase from October and a 19 per cent decrease from the same month in 2009.

The organisation also reported that credit criteria remained tight despite loan-to-value ratios appearing to be relaxed.

CML director general Michael Coogan said: "It is encouraging to see credit criteria becoming a little more liberal for first-time buyers."

A National Association of Estate Agents NAEA report recently revealed that estate agents sold an average of four properties in December.
 

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2011-01-17 16:23:02 © Moneyextra.com