CML: Mortgage lending falls

20-Oct-2008

Mortgage lending fell by ten per cent during September to hit a figure of £17.7 billion, according to figures from the Council of Mortgage Lenders (CML).

Michael Coogan, the director general of the council, also revealed that he expected this trend to continue.

He argued that "weakening consumer demand and ongoing funding constraints will dampen monthly lending figures for the rest of this year and into the first quarter of 2009".

The CML noted that September's figures, which include data on first time buyer mortgages, are 42 per cent down on the same period last year.

It also states that although falls are normally seen during the period between September and August, the mortgage comparison data reveals the largest lending reduction since 2005.

Looking to the end of the year, Mr Coogan said he expected gross mortgage lending to hit the £255 billion mark. This would be £108 billion less than was recorded in 2007.

Earlier this month, the CML also stated that there were 42,200 house purchase loans in August, 15,600 of which were borrowed by the first time buyer market.

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