CML admits lending could halve in 2008

Crawshaw admits the industry could suffer serious problems if more funds were not made available and calls on the Bank of England to take action. Speaking at the CML’s annual lunch, Crawshaw says: “Today, the picture is one of slightly lower demand for mortgages since our forecast. But potential borrowing still significantly exceeds the industry’s collective capacity to supply funds. “It is therefore a real possibility, looking forward from today, that net lending in 2008 could reach only half last year’s level unless additional funds become available.” Initial forecasts by the CML pre...