CML: Mortgage lending more robust than expected

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CML: Mortgage lending more robust than expected

Fri 30th Nov 2007

The housing market has upheld economic pressures well, which is "good news" for consumers, the head of member and external relations at the Council of Mortgage Lenders has said.

Commenting after the publication of Bank of England (BoE) figures on mortgage approvals for October, which showed a slowdown, Sue Anderson said that the figures were fairly typical for the time of year.

There had been no "dramatic reduction" in mortgage approvals as some organisations, such as the British Bankers' Association, had predicted.

Total net lending to individuals was below September's level and also the six-month average, the BoE reported.

"Naturally there is a slowdown and that reflects a mixture of what we've been expecting to happen at this point in the year anyway … but I think it is more robust than doomsters have been predicting," said Ms Anderson.

The amount lent to individuals via mortgages was £8.8 billion, said the BoE.

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