Monday, Jan 21, 2008
Dress mutton as lamb but it still tastes of dead meat...
Firstrung: Mortgage lending crashes by 25% (£30bl) in one month - CML
2007 as a whole proved to be the strongest ever year for gross mortgage lending, according to the Council of Mortgage Lenders. It reached an estimated £362 billion, up 5% from £345 billion in 2006, and above the CML's forecast in October 2007 of £360 billion. However, December gross lending declined to an estimated £22.6 billion, its lowest monthly figure since May 2005, but this was not a surprise in current market conditions. It was down 25% from £29.9 billion in November and 21% from £28.6 billion in December 2006. A 6% seasonal fall might typically be expected between November and December.
Posted by converted lurker @ 11:30 AM (257 views) Add Comment
1 Comment
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1. crash bandicoot said...
I'm sure that the CML's members are quite keen to get some "better risk borrowers" onto their books. Especially since the "so risky we shouldn't have touched them with a bargepole" customers are starting to show some signs of duress.