21-09-2007
Mortgage lending falls
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Gross mortgage lending fell in August according to newly released data.
According to figures released by the Council of Mortgage Lenders (CML), over the course of August total gross mortgage lending in the UK fell by six per cent, when compared with the previous month.
"The events of the past week have shown us how very quickly situations can change," said Michael Coogan, director general of the CML.
"Even after the good news on inflation falling back, the Fed's rate cut, and the Bank of England's support for three-month funding, it is not a given that the Bank will follow suit on cutting rates," he added.
Last month's total gross mortgage lending level of around £32.2 billion is lower than the £33 billion reported for the same period last year.
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