Gross lending has fallen by a third over the past twelve months as mortgage lenders continue to tighten their lending volumes.
According to the Council of Mortgage Lenders (CML), gross lending fell to just £23.8bn in June, down 3% since May. The second quarter saw only a minor decline of 1% compared with the first quarter, but the CML says there is normally an uplift in the spring. The second quarter of 2008 saw £74.4bn of gross lending, down 20.6% from £93.8bn in the same period last year. Gross lending dropped 32% between June 2007 and June 2008. Michael Coogan, director general of the CML, comments: “Market activity during a traditionally a busy time of year for mortgages has been muted by funding shortage...
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