Mortgage lending down, says CML
www.moneynews.co.uk > Mortgages > Mortgage lending down, says CML
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Money News |
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Mortgage lending down, says CML
Wed 21st Jan 2009
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Mortgage lending for the year as a whole stood at £256.4 billion, according to CML statistics. Compared to 2007, this marks a fall of almost a third (30 per cent).
December represented a fall of 11 per cent from the previous month, with gross mortgage lending hitting a monthly low not seen since April 2001.
Michael Coogan, director general at the council, said that December generally heralds a slowdown in the mortgage market, but added that lower demand and fewer funds had compounded the issue last month.
Measures introduced by the government to inject up to £100 billion into the UK's banking system was welcomed by Mr Coogan, though the CML does not expect the market to pick up for some months yet.
The British Banker's Association is another organisation to welcome this week's moves.
Click here for more mortgage news
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