Thursday, September 18, 2008
New lending down by 12% from July and 36% lower than in August last year
Mortgage lending continued its downward spiral in August, according to the latest figures from the Council of Mortgage Lenders (CML). The total value of new lending was £21.8bn, down by 12% from July and 36% lower than in August last year. The CML said it was the lowest monthly figure since April 2005 and the lowest August figure since 2002. It blamed the continued fall in mortgagee lending on "exceptionally low housing market turnover."