20 Jun

Gross mortgage lending at £25.5bn for May

Gross mortgage lending at £25.5bn for May

Gross mortgage lending totalled an estimated £25.5 billion in May, according to data from the Council of Mortgage Lenders (CML).

This is down two per cent on April's total, but down 19 per cent from the £31.5 billion high that was reached at this time last year.

Despite this large fall over the past 12 months in lending, the CML said levels still look healthy in a historical context.

The organisation noted that the Bank of England's approvals figures suggest this pattern will continue in coming months and that lending activity will remain concentrated in the remortgage market.

Michael Coogan, CML director, commented: "The next few months will remain very weak for house purchase activity for the funding reasons which are now well rehearsed."

Earlier this week, the Council stated that the profile of borrowers has changed in the months since the credit crunch.

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