Wednesday, Feb 20, 2008
CML expects lower lending volumes in the coming months, driven mainly by remortgaging
BBC: Mortgage lending lift in January
Gross mortgage lending rose in January despite an unsettled housing market, according to the Council for Mortgage Lenders (CML).
The CML said lending increased to an estimated £26.5bn in January, up 11% from £23.9bn in December, but still lower than most months in 2007. Yet the CML warned gross lending volumes were expected to be lower in the coming months, following a fall in mortgage approvals towards the end of last year.
Posted by jack c @ 10:25 AM (211 views) Add Comment
2 Comments
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1. The Haunted said...
Given that most people don't buy over Christmas and that there are fewer days to consider during december and 11% increase seems very weak and I don't think it can really be viewed as a possitive.
I would be interested to see what the increase was for the same period for 2006 and 2005. I expect there may be much more than an 11% increase.
2. monty032 said...
As I have pointed out in an earlier comment, these figures are misleading because they do not take into account the fact that there were only 19 working days in December, whereas there were 22 each in November and January. Mortgage lending per working day was therefore £1.45bn in November, £1.26bn in December and 1.20bn in January - a continuing decline in the rate of activity.