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Decline In Mortgage Lending To Continue |
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(12th August 2008)
Mortgage lending will continue to decline as consumer demand and a shortage of funding takes its toll on the market, according to the Council of Mortgage Lenders CML.
The CML claims the slump will continue in the coming months as both lenders and borrowers become more prudent as a result of the current market conditions.
Homeowner loans taken out by first-time buyers in June dropped by eight per cent, according to the CML, and the number of people remortgaging because of a move has reduced by nine per cent.
Bob Pannell, head of research at the CML, said: "Mortgage lending activity remains relatively weak and will decline further in the coming months as a result of funding constraints and lower consumer demand."
"The majority of lending continues to be to people with larger deposits," he added.
Mortgages accounted for 30 per cent of gross lending in June, which was 32 per cent lower than gross lending figures in June 2007.
The Financial Times reports that building societies dramatically cut mortgage lending in June.
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