Gross mortgage lending was an estimated £24.8bn in July, up 5% on June but down 27% from July a year ago, according to the Council of Mortgage Lenders (CML).
The figures also showed gross mortgage lending for Q2 2008 was £74.158bn, a drop on the £93.801bn recorded in Q2 last year. Commenting on the figures, Bob Pannell, CML head of research, says: “While there was a small month-on-month increase in activity, it represented a notable decline from a year ago. "This continues the weaker picture seen in June and points towards the more subdued levels of lending we are likely to see in the second half of 2008.” IFAonline
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