Subscribe to The Money StopNews Feed

Browse > Home / News, News-Mortgages / Mortgage lending ‘drops to lowest levels for 2 years’

Mortgage lending ‘drops to lowest levels for 2 years’

January 24, 2008 by admin  
Filed under News, News-Mortgages

Leave a Comment

Mortgage lending dropped to its lowest level for over two years last month, according to figures from the Council of Mortgage Lenders (CML).

The statistics show a 25 per cent drop on gross mortgage lending compared with November and 21 per cent fall from the same figure recorded for the month last year.

Gross lending only reached £22.5 billion, the lowest amount since May 2005 and down from the £29.9 billion recorded in November.

Simon Rubinsohn, senior economist at the Royal Institution of Chartered Surveyors, said: “2007 may have been a banner year for the as the CML data suggests, but the most timely indicators point to a sharp slowdown in demand for property-related loans.”

However, despite the effects of the credit crunch gross mortgage lending during 2007 reached an estimated £362 billion, an increase of five per cent from the £345 billion in 2006.

Meanwhile, mortgage lenders are putting increasing pressure on the Bank of England to help them raise funds to provide potential homeowners with loans reports the Financial Times.

Tags: crunch, bank of england, demand, mortgage market, gross mortgage lending, Chartered

Tags:

Related Entries

  • September figures indicate that mortgage market will remain subdued
    • Industry officials have said that the mortgage lending figures that were recently released for September of this year indicate that mortgage lending levels are set to remain subdued for some time to come. Officials from
  • Mortgage lending hits lowest level in thirty four years
    • According to a recent report mortgage lending levels last year hit their lowest point in thirty four years, with figures at their lowest since 1974. The data comes from the Council of Mortgage Lenders, which
  • 2008 saw 30 percent drop in mortgages
    • Over the past twelve months mortgage lending has fallen by around 30 percent according to officials from the Council of Mortgage Lenders. This drop in mortgage lending has apparently resulted in lending falling to its
  • Mortgage lending hits ten year low for August
    • Recent figures released by the Council of Mortgage Lenders has shown that mortgage lending levels for August fell to the lowest levels in ten years for the month. The CML said that activity in the
  • CML said mortgage lending fell again in August
    • According to officials from the Council of Mortgage Lenders mortgage lending levels fell in August, with the value of mortgage lending having fallen by 12 percent compared to July and by 36 percent compared to
  • April sees drop in mortgage lending
    • The mortgage lending figures for April in the UK have suffered a fall according to recently released figures. The figures were released by the Council of Mortgage Lenders earlier this week, and showed that in
  • Mortgage lending in UK to remain subdued
    • According to a mortgage industry group mortgage lending in the UK is likely to remain subdued and could go into decline as the year comes to an end. Lenders are said to have loosened up
  • Shapps wants more help for first time buyers
    • Since the onset of the global financial crisis banks have become increasingly cautious over their lending levels, and many people hoping to purchase a home have suffered as a result, particularly first time buyers who

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!