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October 20, 2010    

September gross mortgage lending slumps to 10-year low

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by Kay Murchie
September gross mortgage lending slumps to 10-year low

The Council of Mortgage Lenders (CML) has today revealed gross mortgage lending totalled £12 billion in September - the lowest September total since the year 2000.

According to the CML, gross mortgage lending fell 1% on the month and was 7% lower than in September 2009.

The latest figures highlight the ongoing sluggishness of the UK housing market.

Brian Murphy of mortgage brokers, the Mortgage Advice Bureau, described the September figures as “a shocker”.

Economists expect housing market activity to remain subdued over the coming months.

House prices are also expected to fall gradually over the next three months and lose around 10% in value by the end of next year, according to Howard Archer at IHS Global Insight.

In related news, HM Revenue & Customs (HMRC) recently revealed a fall in the number of homes sold in August in the UK.

According to HMRC, 85,000 homes worth at least £40,000 or more were sold in the month - the first significant fall this year.

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