Conservatories to be built after gross mortgage lending drop?
Gross mortgage lending dropped in January to £9.2 billion, which represents a 13 per cent fall from the previous month.
However, it was still a five per cent year-on-year increase from 12 months previously, according to figures from the Council of Mortgage Lenders (CML).
With less people successfully applying for mortgages, they may take the decision to opt for home improvements and a conservatory.
For those who were looking to moving to a bigger home, the bespoke construction will give them an extra room that can be used as a dining area or a living room.
CML economist Peter Charles noted the UK banks face a "significant funding challenge" as they look to increase mortgage lending.
"The unprecedented expansion of wholesale funding and hence mortgage lending, experienced in the mid 2000s is unlikely to return," he added.
It comes after the CML noted the "dysfunctional mortgage market" has left first-time buyers in trouble.
Posted by Cheryl Stevenson
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