Mortgage lending to gain momentum during 2010

2010 will see mortgage lending increase throughout the year, despite a slow start, according to a spokesman from the Council of Mortgage Lenders (CML).

The first few months of 2010 is likely to see the number of property transactions at a lower level, following a sharp rise in December as buyers looked to take full advantage of the final stages of the stamp duty concession.

Bernard Clarke, CML spokesman, announced: “We are still in a market in which it is not as competitive as it was and those circumstances will only improve very slowly.”

Mr Clarke also called for measures to be taken to address the shortage of funding, adding that recovery in the market would be slow as existing shortfall remains great. As an extension of this, 58% of mortgage brokers expect to see an increase in business in the first three months of the year, with an average predicted rise of 7.1%.

Source: Aboutproperty.co.uk