Low levels of lending in October, says CML

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Low levels of lending in October, says CML

The Council of Mortgage Lenders (CML), whose members include Lloyds TSB, HBOS and HSBC, has revealed that mortgage lending was low in October.

Mortgage lending totalled £18.7 billion this year compared with £33.4 billion a year earlier, a reduction of 44 per cent.

CML director general Michael Coogan commented that while the figure was up slightly on September's levels of lending, the outlook continued to be bleak.

He predicted that the market would remain weak for the immediate future.

Mr Coogan said: "Any recovery in lending is […] being held back by the continuing shortage of mortgage funding," adding that the government should "announce concrete steps that will enable and encourage firms to increase mortgage loans".

Research released today by Moneyfacts.co.uk reveals that, two weeks on, only 28 per cent of mortgage lenders have passed on the full benefits of the Bank of England's cut in interest rates.

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