Mortgage market 'needs help'

20-Mar-2008

Assistance is required from the Bank of England in order to minimise "ongoing problems", which could be of note to first-time buyers.

The Council of Mortgage Lenders (CML) has said that the Bank needs to improve levels of liquidity as lenders are struggling to meet the strong demand for mortgages.

This comes after the CML reported gross mortgage lending stood at £24 billion in February, a seven per cent decrease from the previous month.

Commenting on the issue, CML director general Michael Coogan said: "We have entered a substantially slower phase in the housing market and there will be ongoing problems in the mortgage funding markets unless the Bank of England makes new, broader based attempts to improve levels of liquidity in the UK."

He added that property deals are likely to be repeatedly altered in the coming weeks, as lenders continue to adapt to the credit crunch.

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