June mortgage lending down 32%
by Gill Montia
The Council of Mortgage Lenders (CML) has reported that gross mortgage lending declined to an estimated £23.8 billion in June.
The figure is 3% down from May of this year and 32% below the June 2007 level.
On a quarterly basis, gross lending fell by 1% between the first and second quarters of 2008.
While the decrease is small this is a period when gross lending typically rises.
In terms of the year-on-year decline, lending in the first quarter of 2008 was down 11% on the same period of 2007, while in the second quarter lending fell 21%.
The CML’s director general, Michael Coogan, comments that market activity has been muted by funding shortages and, more recently, dampened consumer demand.
He adds that constraints on net lending (gross lending minus repayments and redemptions) are expected to continue for the rest of this year and that recent Government initiatives to purchase new-build properties and help borrowers to save for a deposit are only likely to have a marginal impact on the UK housing market.
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