UK home loans fall by half in January
The value of home mortgage advances in January fell by half from December, when there was a late rush to complete deals before a tax break ended at the New Year, the Council of Mortgage Lenders said Friday.
The value of home mortgages in January was 4.7 billion pounds ($7.1 billion), down 45 percent from January. The value of remortgage loans dropped by 12 percent from December.
“When December and January data are taken together, they show little change in underlying market conditions compared with recent months, with activity still slow but well up on the lows of a year earlier,” said the Council’s director, Michael Coogan.
“We expect lending over the coming months to remain weak as uncertainty over the state of the economy and the upcoming election are likely to continue to hold back housing market activity.”
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Tags: home loans, Loans