29 Apr

CML 'unsurprised' by house purchase lending data

CML 'unsurprised' by house purchase lending data

The Council of Mortgage Lenders (CML) has said that it is not surprised by the latest Bank of England figures on approvals for house purchase, which showed a continued decline.

It suggested that "this will result in a substantially lower level of housing transactions in 2008 than we saw last year".

The Bank's data showed that the number of number of loans approved for house purchase last month was lower than in February and the previous six month average at 64,000, while remortgaging approvals were also down on the previous month at 98,000.

Referring to the Bank's recently announced special liquidity scheme, the CML said it hoped that the mortgage market would feel the benefit of the increased liquidity.

However, it stated: "It will take some months for this to happen and mortgage lending volumes are going to continue to fall before they improve because of the funding gap of around £30 billion."

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