Tuesday, October 20, 2009
CML – “The rise in mortgage lending is unlikely to continue”
Mortgage lending rose once again in September by 2 per cent to reach Â£12.5bn, but the figure is still significantly lower than the same month last year. According to new figures from the Council of Mortgage Lenders (CML), there has been a significant pick up in house purchase activity, however, remortgages have continued to decline. The CML revealed that gross mortgage lending totalled Â£12.5bn in September, a 2 per cent rise from the Â£12.3bn in August but down 27 per cent from September 2008.Lending in the third quarter of 2009 reached an estimated Â£38.9bn, an 18 per cent increase from the second quarter but still down 36 per cent from the third quarter of last year.