According to the Council of Mortgage Lenders, or CML, total mortgage lending in the UK fell in August for the second month in a row. This information generally dovetails with other data that has been released in recent days, but it doesn't mean that the country is heading into another recession. Several other points concerning issues like the number of home sales, estate agents' asking prices and a dearth of buyers on the market are all converging to point to a rough time for the real estate market. Of course, one needs to keep the big picture in mind when considering these points - unemployment is still high and many people are relying on cash advance services in order to scrape by.

According to Rightmove, estate agents' asking prices in Wales and England fell by about 3.4%, a number that equals about £8,000. This is the second month in a row in which asking prices fell. At the same time, the number of home sales in the UK fell by approximately 5,000, for a total of about 85,000 sales. That information was reported by HM Revenue & Customs. Finally, the Royal Institute of Chartered Surveyors reports that there are more sellers on the market than there are buyers, a fact that further intensifies and exacerbates the other data. Indeed, the real estate market is nowhere near a turnaround at this point in time.

The one bright note, at least when it comes to real estate and mortgage lending, is that the Bank of England has kept interest rates very low. Although some pressure has been exerted in recent months for rates to begin rising, it is unclear when that will occur. For now, low interest rates help reduce the pressure on those who need to pay their mortgages. Amid all of the negative information and data that are swirling around, the low interest rate is one of the few positive things to report. Of course, not everyone sees a low rate as a good thing. For the time being, though, it is hoped that the low rate will eventually help revive the flagging real estate market.