July mortgage lending 27% down year-on-year

July mortgage lending 27% down year-on-year

The Council of Mortgage Lenders (CML) has published data for July and is describing gross mortgage lending for the month as “subdued”.

The Council’s members, which provide around 98% of all residential mortgage lending in the UK, collectively lent £24.8 billion.

The figure represents a 27% decline on July 2007 but is 5.0% up on the level for June 2008, when lending decreased slightly to £23.6 billion and was 32% down year-on-year.

The CML’s head of research, Bob Pannell, has commented that while July saw a small month-on-month increase, the notable decline from a year ago is a pointer towards the more subdued levels of lending that are likely to seen in the second half of 2008.

Earlier this month, the CML joined forces with the Citizens Advice Bureau and homeless charity, Shelter, to publish A Borrower’s Survival Guide, giving advice and encouragement to those struggling with mortgage repayments amid rising food and energy prices.

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