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Mortgage lending down 3% on the year

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by Gill Montia

Gross mortgage lending totalled an estimated £13.6 billion in July, according to the Council of Mortgage Lenders (CML).

The figure shows a 5% increase on June but is down 3%, from £14 billion, a year earlier.

The CML reckons that last month’s increase represents a fairly typical seasonal rise but points out that underlying activity remains subdued, indicating that the remainder of the year is likely to see lower lending and transaction numbers, compared with the same period of 2009.

The body therefore concludes that lending remains on track to meet its most recent forecast of £140 billion, for 2010 as a whole.

The Council’s economist Paul Samter comments: “For most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates.”

He adds: “This looks set to continue for some time yet. While there are a range of risks to the outlook, low rates will further help most stay on top of their finances.”

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News posted: August 19, 2010

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