Wednesday, Aug 20, 2008
Hot off the press - July 2008 mortgage stats
CML: Gross mortgage lending subdued in July
Gross mortgage lending totalled an estimated £24.8 billion in July, up 5% from June and down 27% from July a year ago, according to the Council of Mortgage Lenders. Bob Pannell, CML head of research, said: “While there was a small month-on-month increase in activity, it represented a notable decline from a year ago. This continues the weaker picture seen in June and points towards the more subdued levels of lending we are likely to see in the second half of 2008.”
Posted by jack c @ 10:07 AM (370 views) Add Comment
4 Comments
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1. str 2007 said...
Frankly surprising, only 27% down on what was absolute peak last year.
I don't know the beakdown of re-mortgaging against new mortgages.
If it happens that re-mortgages make up 66% of this figure then it means new mortgages have fallen by 80 odd% which would be inline with what I'd expect.
Does anyone else know the breakdown ?
2. Johnny said...
Just heard something that amazes me on the news this morning. These CML gross mortgage lending figures are true for the first two weeks of July, but estimated for the latter two weeks. The true figures aren't available to them until another two weeks have passed. What's the point of releasing estimated figures for a month, why not wait until they have all the facts.
3. renting2 said...
str 2007 @ 1. Echo your thoughts on this.
4. jack c said...
The bulk of mortgage lending this year has been to people who are not, in fact, moving house. Previous figures from the CML have shown that so far in 2008, only 29% of mortgage lending has been to house buyers. The rest has been to people staying put but moving to new mortgage deals, such as former customers of the Northern Rock, or to people borrowing extra sums against the value of their homes.
The situation was very different a year ago. In the course of 2007, lending to home buyers was a much higher proportion of total mortgage lending, at 43%. The slump in home buying in the past 12 months is highlighted by the fact that in June this year, loans for home buyers were less than half the number seen in June 2007.