Gross lending fell 4% in November with further figures expecting to reveal a slowdown in the housing market until at least the Spring 2005.
Figures from the Council of Mortgage Lenders revealed gross lending in November stood at £22.3bn, in comparison with £23.2bn in October and £25.5bn in November 2003. Remortgaging has remained bullish, as lower lending for house purchase forced a decline in gross lending. Loans for house purchase dropped from £10.3bn in October to £9.3bn last month, meanwhile house purchase represented 42% of mortgage lending in November, its lowest figure since May 2003. Remortgaging grew to £10.6bn in November, compared to £10.2bn in October, according to CML. The figure for loans on house pu...
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