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CML comment on Bank of England mortgage data

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Monday, 29, Sep 2008 12:00

Commenting on today’s Bank of England mortgage lending statistics, Council of Mortgage Lenders director general Michael Coogan said:

“Gross mortgage lending, but more particularly net mortgage lending, fell sharply in August, according to the Bank of England. It is quite possible that we could see an overall shrinkage in the size of the mortgage market in the short term.

“The general downturn in lending will not have been helped by the speculation earlier in the year about stamp duty, which may have affected these figures.

“Against this backdrop, lenders deserve recognition for attempting to maintain a flow of mortgages into the market despite pricing volatility, scarcity of funding, and falling house prices.

“We welcome the Government’s attempts to foster greater certainty in the current uncertain market, and we await with interest news of the Crosby recommendations on what measures may be planned to improve the mortgage funding market.”

NOTES TO EDITORS

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.74 million mortgages in the UK, with loans worth over £1.2 trillion

2. The Bank of England mortgage lending statistics are here.

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