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Mortgage lending down

Mortgage lending down

Category: Mortgages

Updated: 21/05/2009
First Published: 21/05/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Gross mortgage lending declined in April, according to the Council of Mortgage Lenders (CML), which has said it is too early to predict a housing market recovery.

The total amount of mortgage lending by the CML's members was an estimated £10.4 billion last month, down nine per cent from March when £11.4 billion was lent.

In April 2008, the total amount lent was £26.1 billion. Taken together, lending for March and April is down by 57 per cent on a year-by-year basis.

The CML said April's decline was in part due to seasonal factors, as Easter fell in April this year as opposed to March last year.

"It is still too early to spot a clear pattern of recovery in the housing market as some commentators have suggested," commented director general of the CML, Michael Coogan.

"Activity remains weak and we have said we will see volatility in monthly lending figures as we bounce along the bottom of the market."

He added that its forecast of £145 billion for gross lending in 2009 remains unchanged.

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