Gross mortgage lending declines 2%
Gross mortgage lending declined to £10.3bn in May.
This is 2% down on the £10.5bn recorded for April and 58% down on May 2008, according to the latest figures from the Council of Mortgage Lenders out today [June 18].
The figures include lending for house purchase and remortgage, which is declining due to competitive reversion rates and stricter underwriting.
Paul Samter, economist for the CML, says: “While recent signs from the housing market have been more encouraging, we do not anticipate a significant recovery in activity in the coming months.
"Lending volumes appear to have stabilised at extremely low levels, but the weak labour market and lenders’ limited access to funding will constrain activity for some time yet.”
He adds: “Underneath the headline gross lending figure, it’s likely that a moderate improvement in house purchase lending in May has been offset by very low remortgaging volumes as borrowers stay with existing deals.”
Latest Jobs
- An exceptional career opportunity in Land and new homes
- Birmingham
- Countrywide
- n/a
- Asset management Opportunities - Property Consultants and Team Managers
- Leighton Buzzard
- Connells Asset Management
- n/a
- Sales Negotiators
- Central London
- Neo Bankside
- £50/£55,000 OTE
- Branch Manager
- Oxfordshre & Worcestershire
- Buzzrecruit.com
- 08445 611 848
- Branch Manager
- Birmingham & West Midlands
- Buzzrecruit.com
- 08445 611 848
