Mortgage lending reaches record high in 2007

The CML says lending figures are likely to remain weak in the coming months but a recent decline in interbank rates should help stimulate the market. Research by the CML shows gross lending in 2007 reached a record £362bn, up 5% from £345bn in 2006. However, much of the increase is due to strong lending figures in the early half of the year, with December seeing lending of just £22.6bn, the lowest monthly amount since May 2005. Between November and December 2007, gross lending fell 25% from £29.9bn and the CML says a 6% drop is the usual seasonal trend, indicating the market is experienc...