CML: Mortgage lending down

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CML: Mortgage lending down

The amount lent to mortgage borrowers fell in November to about £30.7 billion, according to the Council of Mortgage Lenders (CML).

This is a fall of eight per cent from October's figure and also on lending for the same time last year.

CML director general Michael Coogan suggested that this was a clear indication of a market slowdown.

"As we had forecast, lending in November dipped below its 2006 - equivalent for the first time this year and we expect this trend to continue into 2008.

"However, while lending will be subdued in coming months."

He added that the CML welcomed rcent moves by the Bank of England to inject liquidity into the market.

The Royal Insititution of Chartered Surbeyers suggested that house prices throughout 2008 would remain more or less the same, though in the short term "weakness" would be an issue.
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