Lenders still reluctant to lend

Mortgage approvals had fallen to its lowest level last year, since 1974, it has been revealed.

A new report by the Council of Mortgage Lenders, CML found that lending had reduced by nearly 50 per cent.

A spokesperson of the CML said: “This low level of transactions is insufficient for the functioning of an efficient market.”

The Government have been taking various measures lenders to start lending again providing Brits with more access to mortgages and loans.