Hints and tips:
...Bob Pannell, CML’s chief economist, said: “Market indicators point to a slowdown in activity levels, in part associated with new mortgage rules, but it is unclear how lasting this will be.”...
...Loans to first-time buyers were up sharply in July from a year earlier, but house prices have already topped their previous 2008 peak, according to the LSL/Acadametrics Index, while CML’s data shows first-time...
...Well, a similar picture has now emerged at the CML (whose figures include remortgaging)....
...The CML data show that percentage of mortgage holders behind by more than 10 per cent of the outstanding balance rose slightly in the quarter to 27,400, the highest quarterly number since the third quarter...
...Without the support of the government or builder, it is highly unlikely that the borrower could get a mortgage,” the CML added....
...Michael Coogan, CML director-general, said the group viewed recent housing market developments as positive....
...The CML said that although borrowing in November often suffers a seasonal decline, the size of the drop was larger than expected....
...That has not happened since the CML began collecting data in 1987....
...In a recent newsletter, CML noted: “With wholesale funding markets still closed, lenders are relying heavily on retail deposits and need to maintain savings rates that are attractive enough to deliver a...
...Michael Coogan, the CML’s director -general, said remortgage lending remained healthy, but he saw little hope that lending for house purchases would improve in the next few months....
...Hard to see also how A&L’s rosy impairments outlook can endure, with the numbers of loans more than three months in arrears sitting at 0.57 per cent, less than half the CML average....
...The CML’s members undertake about 98 per cent of UK residential mortgage lending, and its figures are viewed as an early indication of housing market activity....
...However, the CML noted that demand was being boosted by a significant number of people remortgaging to try and beat any further rate rises and that previous hikes in the cost of borrowing may not have yet...
...Staid by comparison, CML shares the building with the Building Societies Association, but does not own it....
...In our view, a greater offer would not be in the best interest of CML?s shareholders....
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