New figures show slow death of housing market

Stark figures released yesterday (November 11th) show how placid the housing market has become over the last year.

Mortgage lending was down 57 per cent in September 2008 compared to the same month last year, showing that now is not a good time to be selling up.

The Council of Mortgage Lenders (CML) study showed that only 35,000 mortgages were issued in the entire month of September and that there had been a 15 per cent drop from the previous month alone.

Those looking for a more spacious home may instead choose to add a glazed extension or loft conversion to boost the roominess of the property.

CML director general Michael Coogan said: "Banks and building societies do want to support homeowners, but they have limited funds available and are, quite reasonably, taking a prudent approach to risk."

The recent record drop in the base interest rate by the Bank of Englands Monetary Policy Committee could see home-owners soon being able to access cheaper loans with which they could add a roof light and build that extra room they require.