CML Lenders – Mortgage Lending On the Up in June 2009
Mortgage Lending On the Up In June 2009 According To CML Lenders
According to the latest report out by the Council of Mortgage Lenders (CML) there was an increase in mortgage lending of 17% in June 2009 compared to May 2009. That is an estimated increase to 12.3 billion compared to the £10.5 billion May figure.
However there is still a 48% decline from the £23.8 billion figure recorded in June 2008 showing there is a considerable way to go before any real stability and confidence returns to the market.
Comment from CML Lenders economist
CML economist, Paul Samter said: “The pick-up in June’s lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer. But the combined effects of the restricted nature of mortgage funding, reduced number of active lenders, weak labour market and limited consumer demand are likely to hold back any significant and underlying improvement. Our forecast for gross mortgage lending of £145 billion this year is unchanged.”
CML lenders are bringing new mortgage and remortgage deals to the market, but at present they are not very inspiring, which further enforces the belief that they still have very little appetite for major lending irrespective of consumer demand.
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