Mortgage lending falls 6% year-on-year | Money | guardian.co.uk
Gross mortgage lending fell marginally in July, dropping 1% to £12.6bn from the £12.68bn advanced in June, according to latest figures from the Council of Mortgage Lenders (CML).
It also fell by 6% in July compared to the same month in 2010, when lending reached £13.3bn.
The organisation said the housing market would continue to stagnate. CML chief economist Bob Pannell said: "UK interest rates look like staying lower for longer. Housing market conditions remain subdued, but pretty stable. Seasonal factors continue to provide some support, but underlying house purchase activity may drift lower over the coming months."
Chris Gardner, director of mortgage broker Obligo, said the figures were cause for "limited cheer". "With both a month-on-month fall and an annual drop in gross lending, the nation's mortgage debt mountain is slowly being whittled away.
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