The autumn season has brought nothing more than a change in leaves and other scenery to an already lethargic housing market so far.  That is the indication from the most recent mortgage lending figures from the Council of Mortgage Lenders.  The CML reported the month of September saw a significant drop in lending from a month earlier.  A 1.3 billion pound difference led to a 10% decline from the month of August.

The number of remortgages also slowed through the month which added to paralysis in the activity of the housing market.  Remortgage numbers for the year are remaining on the level with original loans.  As originals increase, so do the number of remortgages.  Confidence in the housing market as a whole is seemingly tied to the number of remortgages taking place each month as well.

Hugh Wade-Jones, director of mortgage broker Enness Private Clients, commented on the lackluster beginning to the autumn selling season within the housing market, saying: "It's a depressing double act - the housing market is still soporific and mortgage lending is going back into hibernation.”

Wade-Jones added: "Total lending in September fell to the lowest level since April's atrociously low numbers.”

Remortgage demand has fallen off even though rates remain quite competitive from many high profile lenders.  This suggests many homeowners with variable rate mortgages are opting to stay the course instead of choosing to apply for a remortgage.  A year ago remortgage activity remained steady entering the new season.  Many homeowners are stuck in a home which is under water and owe more than their house is worth – a real detriment to attempting a remortgage.