CML reveals subdued lending in December
Gross mortgage lending in December was an estimated 11.0 billion, the Council of Mortgage Lenders (CML) has said.
According to the CML, this represents a six per cent fall from 11.7 billion in November.
December was, in fact, the fourth month in a row where the monthly outturn has been the weakest since 2000.
Furthermore, the figure is 18 per cent lower than 13.3 billion in December 2009.
“Money market rates have recently moved higher in anticipation of a rise in base rate and some lenders have recently reflected these increases in their product pricing,” explained CML economist Peter Charles.
“Against this backdrop, consumer demand may be weaker than we would otherwise have expected.”
As a result, the CML anticipates there will be little change in the level of arrears this year.
The CML represents 98 per cent of mortgage lending in the UK. Its members consist of banks, building societies and specialist lenders .
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