Mortgage market suffers new low
Posted on February 20th 2009
The mortgage market suffered a new low in January as mortgage lending dropped again, down 8.4 per cent from December.
Even though the Government has pumped billions in to the banking system lending continues to fall, with only £12.4bn worth of mortgages granted last month, the lowest monthly total since April 2001.
The resulting lack of credit is still taking its effect on the housing market as prices are down 20 per cent from their 2007 peak, with a further fall of 20 per cent expected over the next two years.
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