20
Jun
Gross mortgage lending at £25.5bn for May
Gross mortgage lending totalled an estimated £25.5 billion in
May, according to data from the Council of Mortgage Lenders
(CML).
This is down two per cent on April's total, but down 19 per cent
from the £31.5 billion high that was reached at this time last
year.
Despite this large fall over the past 12 months in lending, the CML
said levels still look healthy in a historical context.
The organisation noted that the Bank of England's approvals figures
suggest this pattern will continue in coming months and that
lending activity will remain concentrated in the remortgage
market.
Michael Coogan, CML director, commented: "The next few months will
remain very weak for house purchase activity for the funding
reasons which are now well rehearsed."
Earlier this week, the Council stated that the profile of borrowers
has changed in the months since the credit crunch.
