Gross mortgage lending subdued in July

20 Aug 08

Gross mortgage lending totalled an estimated £24.8 billion in July, up 5% from June and down 27% from July a year ago, according to the Council of Mortgage Lenders.

Bob Pannell, CML head of research, said:

“While there was a small month-on-month increase in activity, it represented a notable decline from a year ago. This continues the weaker picture seen in June and points towards the more subdued levels of lending we are likely to see in the second half of 2008.”

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 11.74 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The next gross lending estimate will be published on Thursday 18 September.