Opinion Former Articles
The number of properties taken into possession by first charge mortgage lenders in the first half of 2011 was 7% lower than in the first half of 2010, according to the latest quarterly data from the Council of Mortgage Lenders. The data shows that 9,000 repossessions occurred in the second quarter of the year, slightly lower than the total of 9,100 in the first quarter, bringing the total to 18,100 for the first half of the year, compared to 19,500 in the first six months of 2010.
With the nation about to celebrate the diamond jubilee, the Council of Mortgage Lenders look at what’s happened to mortgage and housing markets in the last 60 years.
European legislators have unhelpfully pursued dual objectives in their plans for mortgage regulation, seeking to encourage responsible lending and borrowing, while promoting a single market in mortgages. But now a report from the European committee responsible for economic and monetary affairs seeks to take the proposals in an entirely unexpected – and even more unwelcome – direction. We will therefore be working with individual lenders and other allies in the UK and Europe for a more coherent approach.
Gross mortgage lending declined to an estimated £10.2 billion in April. Lending fell by 19% from £12.6 billion in March but was 2% higher than the total of £10.0 billion in April 2011, according to the Council of Mortgage Lenders.