» Mortgage lending down by 15 per cent on August

Article Published: 11th November 2008

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The Council of Mortgage Lenders said that the number of homebuyers avoiding paying stamp duty on the purchase of their property has risen to 51 per cent.

The Government had suspended stamp duty on properties under £175,000 and providing buyers can secure a deposit of at least 10 per there are mortgages to be had, although the number of successful home loans is 57 per cent lower than in September 2007. The total number of first time buyers entering the market was 13,400 compared with 28,200 in September 2007.

In total £5 billion worth of mortgages where granted in September 2008, this represents a drop of 15 per cent in volume and a 15 per cent fall in value compared with August 2008.

Nationwide Building Society, Britain’s biggest, announced figures that showed its net lending on mortgages had fallen by 70 per cent over the past six months from £3.6billion to £1billion.

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