September gross mortgage lending hits 10-year low
Gross mortgage lending totalled an estimated £12bn last month which is the lowest September figure since £10bn in 2000.
Gross lending fell 1% from 12.1bn in August this year, and was down 7% from September 2009's total of £12.9bn.
In the third quarter of 2010, the CML estimated gross lending was £37.4bn, a 9% increase from the second quarter and down 4% from the third quarter of last year.
Michael Coogan, CML director general, says: “Lending volumes do not seem likely to increase substantially towards the end of the year. Funding pressures on lenders remain, and the practical implications of government and public spending cuts are beginning to emerge, having a direct impact on consumer confidence."
Despite the pressures on government finances, Coogan argues that today’s comprehensive spending review is no time to make further cuts in state support for borrowers in difficulty.
He adds: “Efforts by borrowers, lenders, the government and money advice agencies has helped to keep mortgage arrears and possessions in check during the current economic downturn. These support measures help contain the wider costs of homelessness, and deliver wider benefits to the government.”
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