CML: Mortgage lending down 18% on year in December

| January 21, 2011 | 0 Comments
CML: Mortgage lending down 18% on year in December

The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December.

Mortgage lending fell by 6% in December compared with November, said the Council.

According to the CML, mortgage lending totalled £11 billion - this was 18% lower compared with December 2009 - when buyers were rushing to beat the end of the stamp duty holiday.

It was also the lowest figure for the month of December since the year 2000.

However, traditionally December is one of the quietest months for the housing market as people focus on Christmas.

For 2010 as a whole, mortgage lending totalled £136.3 billion - 5% lower than the £143.3 billion in 2009 and the lowest annual total for a decade.

The CML has previously said the housing market will remain subdued in 2011, due to uncertainty surrounding the economy and the ongoing mortgage rationing by lenders.

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