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Stamp duty holiday hits mortgage approvals
The number of mortgages approved in the UK has fallen dramatically since the end of the stamp duty holiday in December, new figures have suggested.
Research by the Council of Mortgage Leaders (CML) has revealed that house purchase loans fell by more than three times the decline seen in remortgages during January.
House purchase loans were down 49 per cent from December during the month, while there was just a 15 per cent drop in remortgage loans.
Michael Coogan, director-general of the CML, said the analysis of December and January together highlights there has been little change in the underlying market conditions seen in recent months.
He added: "We expect lending over the coming months to remain weak as uncertainty over of the state of the economy and the upcoming election are likely to continue to hold back housing market activity."
Previous research by the CML revealed that mortgage arrears and possessions declined during the fourth quarter of 2009.