It seems that the hope of millions of Britons to have a dream home is shattered. As per a recent research, six million Britons would never be able to own a house. With the hopes of almost a third of prospective home owners fading away, as per the study conducted by Moneysupermarket.
According to latest data from the Council of Mortgage Lenders (CML), mortgage lending has declined by 14% this year. At present, mortgage lending is at £9.8bn, low from £11.4bn in April.
CML said that the decline in prices was expected because of the Easter holidays in April this year.
Lending figures from the Bank of England which revealed a 60% fall in mortgage lending in March, as a result of property market not moving. The net lending after redemptions and repayments, which was £1.71 billion in January and £950m on February, went down to £374 million in March.
According to the Chief Economist, Robert Gardner, the prices for usual houses were observed to roll down by 0.2% in April, approximately, 1.3% lower than the same period of last year, 2010. The quarter-on-quarter change has reported a 0.6pc hike during the 3 months to the end of April and observed on peak since the last year July.
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