CML releases latest mortgage figures

21 September 2009

Written by Steve Olejnik

Gross mortgage lending in the UK dropped 13 per cent to an estimated £12.6 billion between July and August 2009, new figures have revealed.

According to the Council of Mortgage Lenders (CML), this equated to a £1.9 billion reduction over the course of the month.

When compared year-on-year, the deficit grows to 37 per cent - but the seasonal dip was expected.

CML economist Paul Samter said that wholesale funding markets prospects are "improving", although it remains unlikely that lending will pick up significantly in the near future.

His observations - made on the CML's monthly market commentary - also included the suggestion that there is currently a "prudent approach to lending criteria".

The CML releases separate figures on buy to let mortgages. Last month, figures from the body suggested that this sector of the property industry had started to stabilise, as there were 21,600 new buy to let mortgages advanced in the second quarter of 2009.

This represented a four per cent decline on the previous three-month period.

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