Mortgage lending up slightly in October

By Tom Bill and Tom Bill Tom Bill2008-11-20T11:51:00+00:00

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Gross lending up 7% on September but still 44% down on a year ago

The latest data from the Council of Mortgage Lenders (CML) shows that gross mortgage lending was 拢18.7bn in October.

The figure was 7% up on September's figure of 拢17.5bn, but 44% lower than in October 2007, when it was 拢33.4bn.

CML director general Michael Coogan said: 鈥淐onsumer confidence is now being affected by the worsening economic outlook. However, any recovery in lending is also being held back by the continuing shortage of mortgage funding.

鈥淭he government should therefore publish the delayed Crosby review as part of the forthcoming pre-Budget report and announce concrete steps that will enable and encourage firms to increase mortgage loans.鈥�

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