Mortgage sales at their lowest level for six years
Thursday 01 September 2011
Mortgage sales have fallen to their lowest level in six years, according to the latest figures from the Financial Services Authority.
The City regulator, in its annual Product Sales Data report, said that mortgage sales between April 2010 and March 2011 were down by 7 per cent on the previous year.
The number of home-loan providers also declined, with just five lenders accounting for 62 per cent of all sales by volume. The top 10 lenders between them had 83 per cent of the market. The bulk of the market is controlled by large banks, with building societies and credit unions accounting for less that 9 per cent of mortgages sold in the 12 months.
The watchdog noted that the number of sales to first-time buyers fell during the year, while the average age of such borrowers has shown "a mild but steady increase since 2005".
The proportion of interest-only mortgages also continued to decline, from 13.5 per cent in the second quarter of 2010, to 10.8 per cent in the first quarter of 2011.
- 1 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 2 Why I'm on the brink of burning my Israeli passport
- 4 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
- 5 Iraq crisis: How Saudi Arabia helped Isis take over the north of the country
Scottish independence: Scots of Corby take matters into their own hands in mock referendum - and deliver overwhelming verdict
Protesters fight to save Arturo, the polar bear sweltering in baking hot zoo
Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Supermoon 2014 in pictures: Moon appeared bigger and brighter at the weekend
Saharan remains may be evidence of first race war, 13,000 years ago
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£20000 - £40000 per annum: Deerfoot IT Resources Limited: Sales Executive - Ce...
£35000 - £40000 per annum + Benefits: Ashdown Group: HR Advisor - 6 Months Fix...
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...