The Council of Mortgage Lenders (CML) has seen a large fall in the gross mortgage lending data for June, down 5% to £11.9 billion.
The Council of Mortgage Lenders (CML) has seen a large fall in the gross mortgage lending data for June, down 5% to £11.9 billion.
Not only is this a 5% fall against the previous month, but coincides to be a 5% fall against the lending against a year ago – £12.5 and £12.6 billion respectively.
On a quarterly basis there was actually a 2% increase from the first three months of this year, up from £3.6 billion to £34.2 billion.
CML chief economist Bob Pannell comments:
“Mortgage lending has experienced something of a see-saw pattern over recent months, largely reflecting the short-term spike and subsequent trough in house purchase activity associated with the ending of the stamp duty concession for first-time buyers in late March. Weaker mortgage lending in June points to a more subdued tone for the housing market in line with that for the wider economy.
“The recent launch of the funding for lending scheme (FLS) comes at a time when credibility in further quantitative easing had started to wane. FLS will help guard against a contraction in lending over the next 18 months and, if the external environment is sufficiently supportive, should underpin the housing market and support the government’s wider growth agenda.”
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