CML responds to Bank of England mortgage approvals data
29 Apr 08
Responding to today’s mortgage approvals data from the Bank of England, the CML director general, Michael Coogan said:
“It comes as no surprise that approvals for house purchase have continued to decline. This will result in a substantially lower level of housing transactions in 2008 than we saw last year.
“We believe that the Bank of England’s Special Liquidity scheme will help to sustain confidence in the banking system and improve liquidity, but it is not an intervention specifically intended to re-invigorate the housing or mortgage markets.
“We hope that some of the liquidity will be recycled down into the mortgage market. But it will take some months for this to happen and mortgage lending volumes are going to continue to fall before they improve because of the funding gap of around £30 billion.”
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.8 million mortgages in the UK, with loans worth over £1.2 trillion.
2. The CML will publish mortgage completions data for March on Tuesday 13 May.
3. The Bank of England lending to individuals data for March can be viewed on the Bank of England website.- Contact details
- Name: Sarah Robson
- Tel: 020 7438 8922
- Email:
- Name: Bernard Clarke
- Tel: 020 7438 8923
- Email:
- Name: Sue Anderson
- Tel: 020 7438 8924
- Email:
