{"id":463,"date":"2010-02-22T16:27:12","date_gmt":"2010-02-22T15:27:12","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=463"},"modified":"2010-02-22T16:27:12","modified_gmt":"2010-02-22T15:27:12","slug":"mortgage-lending-slumped-to-a-10-year-low-as-the-stamp-duty-holiday-ended","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=463","title":{"rendered":"Mortgage lending slumped to a 10 year low as the stamp duty holiday ended"},"content":{"rendered":"

Mortgage lending slumped to a 10 year low as the stamp duty holiday ended<\/strong><\/p>\n

Figures released last week show that mortgage lending slumped to a 10 year low during January following the end of Labour’s stamp duty “holiday”.<\/p>\n

According to the Council of Mortgage Lenders (CML) www.cml.org.uk<\/a>\u00c2\u00a0 total mortgage advances were down 32% to \u00c2\u00a39.1 billion during January, the lowest level since February 2000.<\/p>\n

The CML said that house hunters put moving plans on hold over Christmas which shows in the typical fall-off of lending in January.\u00c2\u00a0 They went on to say that this year’s drop was larger than usual and could be attributed to buyers buying lower-value property in an attempt to rush through their purchase before the stamp duty holiday ended.<\/p>\n

The CML reported that the lending figure for December was “surprisingly strong” with a 14% jump in mortgage advances.<\/p>\n

They commented that the rise was due to the increased demand of people purchasing properties of values up to \u00c2\u00a3175,000 and trying to complete their purchase before the stamp duty threshold reverted back to \u00c2\u00a3125,000 at the start of the year.<\/p>\n

Of the total number of homes purchased in December, 55% cost less than \u00c2\u00a3175,000 with 10,300 first time buyers purchasing property of between \u00c2\u00a3125,000 and \u00c2\u00a3175,000, this was a rise of 63% on the November figures.<\/p>\n

The CML did warn that the rush to purchase property during the stamp duty holiday in the last few months of 2009 was likely to lead to a drop in sales during the early part of 2010.<\/p>\n

February 2010<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage lending slumped to a 10 year low as the stamp duty holiday ended Figures released last week show that mortgage lending slumped to a 10 year low during January following the end of Labour’s stamp duty “holiday”. According to the Council of Mortgage Lenders (CML) www.cml.org.uk\u00c2\u00a0 total mortgage advances were down 32% to \u00c2\u00a39.1 … Continue reading “Mortgage lending slumped to a 10 year low as the stamp duty holiday ended”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-463","page","type-page","status-publish","hentry"],"yoast_head":"\nMortgage lending slumped to a 10 year low as the stamp duty holiday ended - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=463\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage lending slumped to a 10 year low as the stamp duty holiday ended - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"Mortgage lending slumped to a 10 year low as the stamp duty holiday ended Figures released last week show that mortgage lending slumped to a 10 year low during January following the end of Labour’s stamp duty “holiday”. 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