RICS: CML 2007 mortgage figures

Commenting on the CML figures, Simon Rubinsohn, RICS senior economist said: "2007 may have been a banner year for the mortgage market as the CML data released today suggests, but the most timely indicators point to a sharp slowdown in demand for property related loans. Meanwhile the continuing inability of lenders to securitise mortgage debt means that they are likely to maintain a more cautious stance towards the sanctioning of new loans.

"The tougher lending environment is likely to be particularly problematic for first time buyers. Lower interest rates may provide some help as far as financing a mortgage is concerned but with many lenders scaling back on loan to value ratios, the need to find even larger deposits could prove a more powerful obstacle for those hoping to take their the first step on the property ladder."