CML: Mortgage lending down

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CML: Mortgage lending down

Gross mortgage lending in the UK has declined, new figures reveal.

Produced by the Council of Mortgage Lenders (CML), the statistics indicate that there was a one per cent decline between the first and second financial quarters of this year.

Meanwhile, the year-on-year fall in lending was starker, measuring at 21 per cent in the second quarter, compared to 11 per cent in the first.

In response to the findings, CML director-general Michael Coogan said: "Market activity during a traditionally busy time of year for mortgages has been muted by funding shortages and, more recently, dampened consumer demand."

He added that the situation will continue for the rest of 2008, with government efforts to help borrowers save for a deposit likely to have only a "marginal impact" on the UK's housing market.

In more positive industry news, the latest Trigold's Monthly Product Index revealed that the number of mortgage products available rose by 7.5 per cent to reach 15,052 in June.
ADNFCR-323-ID-18690837-ADNFCR

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