RTTNews - Thursday, UK's Council of Mortgage Lenders, or CML, said gross mortgage lending declined 9% month-on-month in April to an estimated GBP 10.4 billion. From the previous year, it was a fall of 60%.
The CML said there is a slight fall for seasonal reasons as Easter fell in April this year, which was in March last year. Taken together, lending for March and April was down 57% on a year earlier.
CML director general Michael Coogan said,It's still too early to spot a clear pattern of recovery in the housing market as some commentators have suggested.
Activity remains weak, and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market. Our forecast for gross lending of GBP 145 billion in 2009 remains unchanged.
For comments and feedback: contact firstname.lastname@example.org