At last a mortgage announcement that tells the unvarnished truth!
The fact is that the market has slumped and is bumping along the bottom.
Christina
CML COUNCIL OF MORTGAGE LENDERS 20.7.09
June gross mortgage lending
Gross mortgage lending in June was an estimated £12.3 billion, a 17% increase from £10.5 billion in May and a 48% decline from £23.8 billion in June 2008, according to new data from the Council of Mortgage Lenders.
Gross lending in the second quarter of 2009 totalled an estimated £33.3 billion, unchanged from the first quarter, which was the lowest quarterly reading since the first quarter of 2001.
CML economist, Paul Samter said:
“The pick-up in June’s lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer. But the combined effects of the restricted nature of mortgage funding, reduced number of active lenders, weak labour market and limited consumer demand are likely to hold back any significant and underlying improvement. Our forecast for gross mortgage lending of £145 billion this year is unchanged."
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