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RICS says lending decline in October "little surprise"
Commenting on BBA mortgage approval figures published earlier today, Oliver Gilmartin, RICS senior economist, said;
"News that mortgage lending took a turn for the worse in October with an 8% monthly decline comes as little surprise, given the backdrop of rising unemployment and fragile confidence. These conditions highlight the difficulties facing first time buyers, particularly where stringent deposit requirements continue to be a major barrier to those wishing to enter the market. Aggressive interest rate cuts by the BoE in recent months and the prospect of more to come before Christmas will take time to filter through into increased house sales. The Government's decision to consult on RICS proposals for a tax free saving scheme for first time buyer deposits is one of several steps required to achieve a more orderly transaction market."
- BSA comments on 2008 pre-Budget Report
- CML response to the pre-Budget Report
- Darling’s give away is ‘too little too late’
- RBS Intermediary Partners announces rate reductions
- Lowell Group appoints new Project Manager
- Brokers use Paymentshield toolkit to repair bottom line
- Paragon Mortgages still uncertain of timing of return to full scale lending
- Borrowers with small deposits pay up to £2,230 a year more
- Home Buyer Systems provides credit card facility for letting agencies
- BBA figures show lending to be subdued
- Positive Lending adds Blemain Bridging to panel
- Never has PPI advice been more important
- Abbey to participate in the new lending panel
- Nearly half of UK adults have no protection policies