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BBC News - Housing market at 'plateau' as mortgage rates fall, CML says

Aaron Strutt Image

The housing market is "sitting on a plateau", a lenders' group has said, despite renewed competition between providers on mortgage rates.

Gross mortgage lending totalled £17.8bn in September, down 1% on the previous month, the Council of Mortgage Lenders (CML) said. However, this was 10% higher than a year earlier.

Aaron Strutt, of mortgage broker Trinity Financial, told the BBC: "Many of the banks and building societies are not lending as much money as they would like and they are lowering their rates to tempt in more customers.

"Back in 2009 there was real surprise when the lenders started to offer sub-2% mortgages. Many of the lenders [now] have the ability to offer even cheaper rates.

"The lenders love topping the best-buy tables and often undercut each other to make sure they are mentioned."

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