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When consumers [link widoczny dla zalogowanych] find a property they want to buy and stump up the funds to pay for the residence, they then often need to make use of conveyancing solicitors, whether they utilise online conveyancing provisions or adopt another tactic. Figures released by [link widoczny dla zalogowanych] the Council of Mortgage Lenders (CML) [link widoczny dla zalogowanych] suggest that activity like this may have risen in September.
It is feared that economic problems in the US and the [link widoczny dla zalogowanych] eurozone will have a knock-on [link widoczny dla zalogowanych] effect in the [link widoczny dla zalogowanych] UK markets, which could in turn hit the property sector. When people [link widoczny dla zalogowanych] are less certain about their financial futures, they are generally more reticent to enter into housing purchases.
According to the organisation, which operates on a non-profit basis and is the trade association for the mortgage lending industry, gross lending during the 30-day period totalled around £12.9 billion. This was up on the same period last year, when £12.4 billion was lent.
Meanwhile, gross lending for [link widoczny dla zalogowanych] the third quarter of this year totalled £38.6 billion, which was up by two per cent on the same time in 2010 and was also up by 15 per cent on the second quarter of this year, when lending reached £33.5 billion.
However, the use of conveyancing solicitors, including online conveyancing provisions, may have been down in September compared with the preceding month [link widoczny dla zalogowanych] as lending decreased by four per cent compared with [link widoczny dla zalogowanych] August.
He went on to warn: “Short-term economic prospects for the UK are not favourable. [link widoczny dla zalogowanych] The housing [link widoczny dla zalogowanych] market is very sensitive to wider [link widoczny dla zalogowanych] household confidence, and this seems likely to weaken [link widoczny dla zalogowanych] over the coming months in response to the latest spike in consumer prices and headline unemployment figures.“
Responding to the statistics, CML chief economist Bob Pannell remarked: “Both house purchase and remortgage lending appear to have fared well in September, but this is against [link widoczny dla zalogowanych] the backdrop of subdued levels of activity.“