Written by Rachael Stiles

Mortgage News Mortgage Lending Fell 14percent In August 18471296

Mortgage lending fell 14% in August
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Mortgage lending fell 14% in August

21 September 2010 / by Rachael Stiles

August saw gross mortgage lending fall by 14 per cent, new data shows.

The latest figures from the Council of Mortgage Lenders show that gross mortgage lending was an estimated £11.4billion in August, compared to £13.3billion in July.

August lending was down six per cent year-on-year, from £12.1billion in August 2009.

The figures for August also reveal that last month mortgage lending was at its lowest level since 2000, when it was £11.1billion.

August often sees a decline in lending following on from July due to the summer holidays, but this year’s decline was bigger than most.

The next few months are unlikely to see a rise on last year’s levels for the end of the year, as the last months of 2009 saw an upsurge in lending as borrowers rushed to make the most of the stamp duty holiday before it ended in January.

Commenting on the figures, CML chief economist Bob Pannell said: “We face the prospect of a difficult second half of the year.”

The CML predicts that the Bank of England will keep the base rate at record lows for some time to come in order to support the economy, which Mr Pannell said “will continue to alleviate payment pressures for many borrowers.”

© Fair Investment Company Ltd

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