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- Mon 13th Jun 2011
Mortgage market 'better than expected'
Thu 29 Nov 2007 4pm
The UK property sector is currently in a much better state than many people had predicted, an industry expert has stated.Responding to the latest lending figures from the Bank of England, a spokesperson for the Council of Mortgage Lenders said that the mortgage market has so far managed to stave off disaster, despite widespread forecasts of a major slowdown or even crash.
Sue Anderson, the organisation's head of member and external relations, claimed that the new data would go some way towards proving the "pessimists" and "doomsters" wrong.
Describing the Bank's announcement as "pretty good news", she said: "The level of lending is looking as if it is holding up to a greater degree than some of the pessimists have been expecting.
"Naturally there is a slowdown and that reflects a mixture of what we've been expecting to happen at this point in the year anyway and the exacerbating factors of the slowdown in funding."
Although demonstrating a slowdown, the Bank's latest figures show a less dramatic change than many analysts had expected, with the number of lending approvals for house purchase falling from 96,000 in September to 92,000 last month.
