Mortgage lending slumps to 10-year low

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Gross mortgage lending fell 32% in January compared with the previous month to hit its lowest monthly total for 10 years, figures from the Council of Mortgage Lenders (CML) show.

Gross lending was £9.1bn last month, down from £13.4bn in December and £11.5bn a year ago. It was the lowest monthly figure since February 2000, when lending measured £7.9bn, and the lowest January total since January 2000, when gross lending was £7.4bn. The CML attributes the fall to the huge boost in house purchase activity in December as borrowers rushed to complete their purchases before the end of the year to take advantage of the stamp duty holiday. CML economist Paul Samter says: "We remain in a period of uncertainty for the housing market and economy at large. "More...

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