Mortgage lending down - Mortgages - News - Moneyfacts


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 It is now over 6 months old so the content may be out of date.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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Does your mortgage lender owe you money?

Earlier this week, the financial watchdog revealed that hundreds of thousands of mortgage holders could have been overcharged by their lender. Are you one of the many who could be in line for a windfall?

Do you think your home will rise in value?

There’s been a lot of talk recently about the rate of house price growth slowing, but is it affecting your personal expectations? According to research, it could be, with fewer people now expecting the value of their property to increase.

Confidence among “second steppers” is on the rise

We all know how difficult it can be taking that first step on the ladder, but what about the second step? In many cases, getting onto the next rung can be just as challenging, but happily, confidence among this cohort appears to be on the rise.