CML reports reduction in mortgage lending
www.moneynews.co.uk > Mortgages > CML reports reduction in mortgage lending
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Money News |
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CML reports reduction in mortgage lending
Fri 20th May 2011
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New data shows that lending declined to £9.8 billion last month, a fall of 14 per cent from £11.4 billion in March.
The figures also reveal a reduction of five per cent from £10.3 billion in the corresponding month of 2010.
Although a minimal reduction was expected, the CML has noted the difficulty of calculating the reasons behind the decline.
Chief economist for the organisation Bob Pannell predicted little change in the levels of lending activity in upcoming months.
He said: "It now seems unlikely that interest rates will rise much, if at all, this year and this should help keep the market on an even keel."
The CML recently announced that levels of remortgaging rose during the first quarter of 2011.
Figures for March revealed 33,900 loans were advanced for remortgage, which was an increase of 17 per cent from February.
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