CML: Gross mortgage lending virtually unchanged in July
Thursday, 18 August 2011 9:35 AM
Gross mortgage lending virtually unchanged in July
Gross mortgage lending in July was an estimated £12.6 billion, according to new data from the Council of Mortgage Lenders. This is marginally lower (1%) than June’s gross lending figure of £12.68 billion and a 6% fall from £13.3 billion in July 2010.
In today’s market commentary, CML chief economist Bob Pannell observes:
"UK economic prospects have deteriorated as a result of weaknesses in some of the major economies and renewed stresses in the eurozone area associated with the sustainability of government finances.
"As a result, UK interest rates look like staying lower for longer.
"Housing market conditions remain subdued, but pretty stable. Seasonal factors continue to provide some support, but underlying house purchase activity may drift lower over the coming months."
DOCUMENTS ATTACHED
1. Gross mortgage lending table – July
NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.
2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.
3. Next month’s gross lending press release and market commentary will be published on 20 September 2011.
CONTACT
Jayne Walters - 020 7438 8922
Sue Anderson- 020 7438 8924
Tamsin Askew – 020 7438 8921
NIGHT/WEEKEND CALLS ONLY
Jayne Walters - 07983 388764
Sue Anderson- 07983 388755
CML PRESS OFFICE
twitter: www.twitter.com/cmlpressoffice
Newsletter sign up