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News: Mortgage Lending Down 30%

Wed, 21 Jan 09

Gross mortgage lending fell by 30% during 2008 and is at its lowest point for almost eight years, according to latest figures from the Council of Mortgage Lenders.

Gross mortgage lending reached £12.6bn in December  last year, down 11% from £14.2bn in November and a fall of 47% on November 2007’s figures.

Over the year the CML estimates that total mortgage lending amounted to £256.4bn over the year, down 30% on 2007’s figure of £363.7bn.

The CML hopes that measures announced this week by the Government to guarentee lenders’ bad debts and pump more money into the sector will help.

Michael Coogan, CML director general, said: “This week’s package of measures to support the financial system and invigorate new lending was an essential and welcome move by government. The next challenge is to settle the detailed requirements for each measure, so that they can be used by as wide a range of market participants as possible, and as soon as possible.”  

 

By Joe Lepper

See also  - Mortgages

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