Gross lending slumps 8% - CML

The CML has also updated its forecast for the housing market, and now believes house prices will fall by 7% over the course of 2008. Overall, gross lending reached £25.3bn in April, up 5% since March, but combined April and March figures are down 16% compared with 2007. The CML says gross lending is likely to fall by around 21% during 2008, to £285bn, while net lending will be cut in half at just £55bn. Commenting on the figures, Michael Coogan, director general of the CML, says: “Over the next few months, lending volumes will get worse before they get better. “The market is still very...