'No drastic change' for gross mortgage lending in July

Posted: 19 Aug 2011 12:00:21 GMT

Gross mortgage lending in July stood at around £12.6 billion, it has been found.

July witnessed little change in gross mortgage lending across the UK, new research has shown.

According to the Council of Mortgage Lenders (CML), this figure stood at an estimated £12.6 billion for the four-week period, which was only slightly lower than the £12.68 billion recorded in June.

However, it did represent a six per cent dip on the £13.3 billion reported in the same month one year earlier.

Bob Pannell, chief economist at the CML - a not-for-profit organisation whose members account for around 94 per cent of residential mortgage lending in the UK - said: "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."

He noted this is likely to result in interest rates remaining lower for a longer period of time, while housing market conditions are looking subdued, yet stable.
 

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