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Mortgage lending remains stable

Mortgage lending remains stable

Category: Mortgages

Updated: 20/09/2012
First Published: 20/09/2012

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 It is now over 6 months old so the content may be out of date.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 fell to 12.6 billion during August, just 1% lower than in July, according to latest estimates from the Council of Mortgage Lenders (CML).

Despite the marginal monthly dip, lending is believed to have fallen by 4% over the course of the year, reflecting an all round gloomy housing market.

Despite the downcast figures, the CML is predicting some improvements with lending over the forthcoming months, as the effects of the Government's NewBuy, FirstBuy and Funding for Lending schemes become clear.

CML chief economist, Bob Pannell, said: "The Funding for Lending Scheme is a bold move that has the potential to greatly influence the course of the housing market over the next year or so.

"While not a panacea for all housing market problems, the scheme does offer the potential to improve the lending environment. Unfortunately, it will be towards year-end before any initial assessment of its impact can be reached."

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