Mortgage lending drops 8% as credit crunch bites

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The amount of money lent for mortgages has declined by 8% since October, indicating a slowdown in the market, according to the Council of Mortgage Lenders (CML).

The CML also welcomed the support given by the Bank of England, which injected billions of pounds into global money markets to alleviate the credit crisis. The CML’s latest figures show gross lending fell to £30.7bn in November, the lowest level since April 2007, and 8% lower than the £33.5bn lent in October. November’s lending was also 8% lower than the £33.2bn of gross mortgage lending seen in November 2006, the first time lending has fallen below the same month in a previous year since July 2005. The CML says this clearly demonstrates that a market slowdown has begun. Previously, the...

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