Gross lending returns to 2007 levels

The latest CML figures show gross lending rose to £26.5bn in January, up 11% from £23.9bn in December. The figure is just short of lending levels seen at the beginning of 2007, when £26.6bn was lent to homebuyers. The CML says the market has held up well given the impact of the credit crunch and the fall of Northern Rock. However, the CML still expects gross lending volumes to be lower in the coming months due to a fall in mortgage approvals towards the end of 2007. “Gross lending held up well in January. However, there is considerable uncertainty in the housing market at the moment and...