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| Version 3 | Version 4 |
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| Mortgage lending slumps by 8% in February | Mortgage lending slumps by 8% in February |
| (12 days later) | |
| The chancellor has suffered a pre-budget blow with the release of mortgage figures which reveal an 8% slump in lending for home buying between January and February. | The chancellor has suffered a pre-budget blow with the release of mortgage figures which reveal an 8% slump in lending for home buying between January and February. |
| The Council of Mortgage Lenders said total gross mortgage lending declined to £10.5bn in February compared to £11.4bn in January. However, it said the figure was 1% up on the £10.4bn recorded in February 2012. | The Council of Mortgage Lenders said total gross mortgage lending declined to £10.5bn in February compared to £11.4bn in January. However, it said the figure was 1% up on the £10.4bn recorded in February 2012. |
| The CML's chief economist, Bob Pannell, said: "With relatively strong house purchase numbers and subdued remortgage activity, the underlying position does not appear to have changed much over recent months." | The CML's chief economist, Bob Pannell, said: "With relatively strong house purchase numbers and subdued remortgage activity, the underlying position does not appear to have changed much over recent months." |
| The fall in lending comes despite the government's £80bn Funding for Lending Scheme, which is designed to ease borrowing for first-time buyers and small businesses. | The fall in lending comes despite the government's £80bn Funding for Lending Scheme, which is designed to ease borrowing for first-time buyers and small businesses. |
| Many property experts are demanding that the chancellor acts swiftly to boost the market or see home ownership remain a distant dream for young families. | Many property experts are demanding that the chancellor acts swiftly to boost the market or see home ownership remain a distant dream for young families. |
| Richard Sexton, director of e.surv Chartered Surveyors, said: "Despite lower rates than ever, and over 300 new high-LTV mortgages, buying a house remains a pipe dream for most. | Richard Sexton, director of e.surv Chartered Surveyors, said: "Despite lower rates than ever, and over 300 new high-LTV mortgages, buying a house remains a pipe dream for most. |
| "Would-be borrowers are consolidating and paying off their debts rather than buying property. Pessimism about the economic future is plaguing the mortgage market – let's hope the chancellor anticipated this continued trend and has plans to help the sector in today's budget." | "Would-be borrowers are consolidating and paying off their debts rather than buying property. Pessimism about the economic future is plaguing the mortgage market – let's hope the chancellor anticipated this continued trend and has plans to help the sector in today's budget." |
| Subdued lending in February suggests that forecasts of total lending across 2013 now look "hugely optimistic", said Duncan Kreeger of West One Loans. | Subdued lending in February suggests that forecasts of total lending across 2013 now look "hugely optimistic", said Duncan Kreeger of West One Loans. |
| "The CML might hope this news gets drowned out in all the white noise of budget day. Traditional lenders simply aren't lending to the creditworthy businesses and homeowners who are in desperate need of finance. | "The CML might hope this news gets drowned out in all the white noise of budget day. Traditional lenders simply aren't lending to the creditworthy businesses and homeowners who are in desperate need of finance. |
| "A few months ago the CML was confidently predicting £156bn in gross lending this year. Even at the time that looked hugely optimistic. But today's admission is another level of failure. This puts the last 12 months of mainstream lending almost 10% behind that £156bn target." | "A few months ago the CML was confidently predicting £156bn in gross lending this year. Even at the time that looked hugely optimistic. But today's admission is another level of failure. This puts the last 12 months of mainstream lending almost 10% behind that £156bn target." |
| There is speculation that the budget will include an extension of the NewBuy scheme, launched last year, which gives buyers of new build properties access to special mortgage deals, where only a 5% deposit is required. | There is speculation that the budget will include an extension of the NewBuy scheme, launched last year, which gives buyers of new build properties access to special mortgage deals, where only a 5% deposit is required. |
| Top mortgages | Top mortgages |
| Chelsea Building Society | Chelsea Building Society |
| Yorkshire BS | |
| Nationwide | Nationwide |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |