CML finds lending steady in July

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CML finds lending steady in July

The CML report for July showed that gross lending for the month totalled £25.2 billion, this is two per cent lower than in June.

Mortgage lending was down slightly to £11.8 billion compared to June, and it's also a staggering 19 per cent lower than for July 2004.

Michael Coogan, director general of CML, said: "Today's figures indicate that the housing market has started to stabilise at a new lower level last seen in 2003."

He added that the recent cut in interest rates will ensure that the property market will continue to stay stable over the coming months.

And for those looking to take out a mortgage, Duncan Pownall, mortgage development manager for Bradford & Bingley, has some good advice.

"Lenders are certainly desperate to try and retain customers so are devising more attractive deals to keep them, however, there are undoubtedly many borrowers who will experience a payment shock unless they take action now."

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