September gross mortgage lending hits 10-year low

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." ...