Gross mortgage lending falls 50%

Data from the Council of Mortgage Lenders (CML) shows gross lending fell by 10% between August and September. The CML’s latest statistics put gross mortgage lending at £17.7bn in September, down 47% from a peak of £33.4bn seen in October last year. Mortgage lending has reached its lowest gross lending figure since January 2005 and the slowest September since 2001. The CML says seasonal falls between August and September are not unusual, but says the drop seen in 2008 is relatively large. Michael Coogan, director general of the CML, comments: “The mortgage market is open for business. Bu...