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Mortgage market remains subdued, says CML
18/11/10
Edited by Tom Bardsley.Borrowing for residential property purchase and remortgages "remains subdued", according to one industry body.
The Council of Mortgage Lenders (CML) made the claim after issuing its October figures for the UK market.
Gross lending stood at £12.4 billion last month, unchanged from September but down nine per cent from the £13.6 billion recorded a year earlier.
The organisation said this was the lowest total for October in a decade.
It predicted that year-on-year comparisons will "continue to decrease a little in the coming months" because borrowing rose sharply towards the end of 2009 as house hunters rushed to beat the end of the stamp duty holiday on properties valued at between £125,000 and £175,000, which ended on 31st December.
Elsewhere, CML chairman Matthew Wyles told the organisation's 2010 Mortgage Industry Conference and Exhibition that gross lending is set to top £137 billion this year.
According to available figures from the body, that would be the lowest total since at least 2001.
