The Council of Mortgage Lenders has reported a fall of 5% against lending in October. This puts lending in November at an estimated £11.1 billion, which is also 10% lower that the £12.3 bn advanced a year ago.
This also represents the 5th consecutive month where grow mortgage lending has been at its weakest since the equivalent month in 2000.
Bob Pannell, CML chief economist, commented:
“The fall in gross mortgage lending in November reflects the usual seasonal slowing of activity at this time of year, and reinforces the picture of a continuing flat market.”
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