Gross mortgage lending declined 2% to £10.3bn in May from April's figure of £10.5bn, according to the latest data from the Council of Mortgage Lenders (CML).
The latest figures show year on year lending was down 58% from May 2008. As the CML's gross mortgage lending figures include lending for house purchase and remortgage, the slight lift in home purchase activity has not been reflected as remortgaging has been in decline. Remortgaging has fallen away in recent months in the face of attractive reversion rates and tighter lending criteria for the best deals. Paul Samter, economist at the CML, comments: "While recent signs from the housing market have been more encouraging, we do not anticipate a significant recovery in activity in the coming...
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