Mortgage lending falls in May

However, gross lending volumes are down by almost a fifth since last year, and are unlikely to improve in the near future. Overall, gross lending in May reached £25.5bn, down 2% from 26.1bn in April, but still above the recent low point of £24.1bn seen in March 2008. On an annual basis, lending volumes have plummeted 19%, from a high of £31.5bn in May 2007. Michael Coogan, director general of the Council of Mortgage Lenders (CML), comments: “The remortgage market remains on track to meet our forecast for growth this year, demonstrating the resilience of the market despite recent bad news...