"Several months" of mortgage lending needed for recovery

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Homeowners have been warned a turnaround in the housing market is unlikely for "several months".

The Council of Mortgage Lenders (CML) suggested a sustained increase in lending was needed before any talk of a recovery.

Press officer Sarah Robson explained recent figures from the British Bankers Association show lending is still at a very low level compared to previous years.

"We need to do the picture for the full mortgage market to be able to talk about it as any indication of a turnaround," she said.

Ms Robson went on to suggest that comparisons have to be drawn between this years figures and those from times gone buy to draw any accurate conclusions about the direction of the market.

The CML recently reported a 28 per cent drop in mortgage lending between December 2008 and January 2009.

With such little activity in the housing industry, some homeowners may instead decide to install a conservatory or glazed kitchen extension."ADNFCR-1495-ID-19096844-ADNFCR"

 

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