19-10-2007
CML data shows mortgage-lending fall
New figures released by the Council of Mortgage Lenders (CML) have revealed a fall in gross mortgage lending for last month.
According to the CML, last month's total gross mortgage lending slipped to around £30 billion, representing a drop of almost 12 per cent from the previous month. And while the CML sought to reassure that a decline between August and September is a normal phenomenon, such a decline is usually lower at approximately five per cent.
"We have been expecting a slowdown in monthly lending levels in line with interest rate rises," said Michael Coogan, director general of the CML. Simon Rubinsohn, chief economist for Rics added: "The [Royal Institution of Chartered Surveyors (Rics)] expects activity to slow further into the New Year. 2008 will see a subdued market and little or no change in house prices."
Indeed, compared with September 2006, total gross mortgage lending was 2.5 per cent higher than that year's level of £29.2 billion - the lowest increase in percentage terms for 24 months, according to the CML.
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