Thursday, Mar 20, 2008
"We have entered a substantially slower phase in the housing market" - CML director general Michael Coogan
CML: Gross lending declines in February
Gross lending declined to an estimated £24 billion in February, down 7% from £25.9 billion in January and 6% from £25.6 billion February 2007, according to the Council of Mortgage Lenders. The Bank of England approvals data for January showed subdued levels of house purchase activity and a sharp rise in remortgage approvals, which is likely to be supporting current lending volumes.
Posted by jack c @ 10:43 AM (247 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Tuggybear said...
£25.6 billion February 2007 down to £24 billion in February 2008 that is a huge drop, when you take into account the average house price has risen greatly in same period.
This means although the amount borrowed is slightly lower, number of mortgages approved are droping of a cliff.
2. cyril said...
It just looks like the normal pattern of seasonal variation to me.