Wednesday, July 20, 2011
Spot the extra
"Mortgage lending picked up in June but was still lower than a year ago, the Council of Mortgage Lenders (CML) said. Total lending to home owners was Â£12.9bn last month, up by 16% from May but 3% down on June last year. For the first six months of the year, total mortgage lending was only slightly down on last year's figure, at Â£63.7bn. The CML said the subdued state of lending reflected the poor state of the economy and household finances."The UK economy continues to experience disappointing economic growth, strong consumer price pressures, falling disposable incomes and an uncertain jobs market. Recent emotive headlines on repossession prospects appear overplayed, given that the state of our economy does not warrant large interest rate rise... " We're down to less than half 07 levels.