CML: Mortgage market to remain "subdued"

Gross mortgage advances in October were an estimated £12.4 bn, unchanged from September but down 9% from £13.6 bn in October 2009, according to lender data. The CML says these are the lowest October lending figures for ten years since lending fell to £9.9 bn in 2000. The month-on-month annual comparison is likely to fall further, says the trade body, because lending volumes rose sharply in the latter part of 2009 as borrowers rushed to take up the Stamp Duty concession before the end of the year. Wyles predicts mortgage lenders will advance £137bn in gross lending, or £9bn net len...