Mortgage Lending Drop Accelerates in Pace - and Will Continue; LENDING

The Birmingham Post (England), July 19, 2008 | Go to article overview

Mortgage Lending Drop Accelerates in Pace - and Will Continue; LENDING


The rate at which mortgage lending is falling has accelerated as the credit crunch tightens its stranglehold, figures showed yesterday.

Banks and building societies advanced just pounds 23.8 billion in June, the lowest since February 2006, the Council of Mortgage Lenders said.

The figure was three per cent lower than May and 32 per cent down on June 2007.

The total was the lowest figure for June, traditionally one of the busiest months, since 2003.

The CML said total lending declined only one per cent in the second quarter compared with the first.

But it added an increase would typically be expected in spring, when the property market usually picks up.

It said the year-on-year decline was gathering pace, with lending in the second quarter 21 per cent lower than a year earlier, while in the first quarter they had been 11 per cent down.

CML director general Michael Coogan said: "Activity in a traditionally busy time for mortgages has been muted by funding shortages and dampened consumer demand.

"While by historic comparisons we still have had a good level of gross lending, new net lending has been constrained in 2008 and this picture will continue for the rest of this year. …

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Mortgage Lending Drop Accelerates in Pace - and Will Continue; LENDING
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