CML: Mortgage lending down 5% on year in April
The Council of Mortgage Lenders (CML) today reported a fall in mortgage lending for the month of April.
According to the Council, mortgage lending fell to £9.8 billion last month, down 14% from £11.4 billion the previous month and 5% lower than the £10.3 billion a year earlier.
The CML attributed the fall to the late Easter holiday and the extra bank holiday at the end of the month due to the royal wedding.
Commenting on the figures, CML’s chief economist Bob Pannell, said: “Statistical noise, associated with extended holidays around Easter and the royal wedding, makes it harder to read the immediate market situation.
“Levels of activity look set to remain broadly flat over the near-term,” he added.
Recent reports have already suggested the housing market will remain subdued throughout 2011 due to economic uncertainty and ongoing mortgage restrictions.