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Figures show drop in mortgage lending

October 19, 2007 by admin  
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There was less mortgage lending last month than in August, according research by the Council of Mortgage Lenders (CML).

Figures revealed a fall of almost 12 per cent in gross mortgage lending in September with the new figure at around £30 billion.

Although a decline is not uncommon for the August to September, this year’s fall is significantly greater than the average of five per cent for the same period.

Michael Coogan, director general at CML, commented: “We have been expecting a slowdown in monthly lending levels in line with interest rate rises.

“In the coming months, we expect to see monthly lending levels dip below their 2006 levels for the first time this year as rate effects are exacerbated by the recent liquidity problems in the mortgage market.”

Despite an annual increase in mortgage lending from September 2006, at 2.5 per cent it is the smallest percentage rise in two years.

The gross lending estimates obtained by CML were taken from its survey of a selection of lenders representative of over 70 per cent of the total mortgage market.

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