Financial institutions are providing secured loans and mortgages, but help for the market has not been enough to prevent a decline, it has been stated. Michael Coogan, director general of the Council of Mortgage Lenders (CML), noted that there is a perception that lenders are not currently making funds available, despite calls to do so. But he explained: "Government schemes to restore the flow of funds are primarily focused on a few large banks and recent lending commitments by a few lenders cannot fill the gap overnight." Mr Coogan's comments came as the CML released figures showing loans granted for house purchase have experienced a significant drop. Just 23,400 deals for this purchase were agreed in January, down from 48,600 at the same time in 2008 and 32,400 in the previous month.
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