JohnCenaFan28
02-12-2009, 04:50 PM
The number of people buying a home fell to its lowest level since 1974 during 2008 as the mortgage drought restricted activity in the property market.
Only 516,000 mortgages were taken out for house purchase during the year - 49% fewer than during 2007, according to the Council of Mortgage Lenders.
Net lending, which strips out redemptions and repayments, for all types of mortgage also dived sharply, dropping to £39.7 billion in 2008, from £108.2 billion a year earlier.
-Nova
Only 516,000 mortgages were taken out for house purchase during the year - 49% fewer than during 2007, according to the Council of Mortgage Lenders.
Net lending, which strips out redemptions and repayments, for all types of mortgage also dived sharply, dropping to £39.7 billion in 2008, from £108.2 billion a year earlier.
-Nova