Gross mortgage lending continued to fall in August and has reached its lowest figure in more than three years.
The amount of money lent for mortgages has fallen by more than a third in the past year, with the trend expected to continue. The Council of Mortgage Lenders’ (CML) latest figures show gross lending in August was £21.8bn, down 12% from £24.7bn in July and 36% lower than in August 2007. Last month had the lowest lending figure since April 2005, and was the slowest August since 2002. Michael Coogan, director general of the CML, says low turnover in the housing market and low remortgage activity suggest lending figures will continue to be low in the near future. “These figures reflect the ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
