Gross mortgage lending fell between July and August, indicating the problems in credit markets are affecting mortgage lenders, according to the Council of Mortgage Lenders.
The CML’s latest report shows gross lending fell 6% in August, from £34.1bn to £32.2bn. The figure for 3% lower than gross lending in August 2006. The CML says the figures relate to a period when wholesale funding pressures were not as pronounced as they are at present, meaning gross mortgage lending could fall further in the coming months. Michael Coogan, director general of the CML, comments: “We see no obvious decline in consumer demand, although some decrease in the supply of lending is being experienced in the short term as a result of the problems lenders face in raising wholesale ...
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