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Gross mortgage lending 'down in May'
8.07.2008
Gross mortgage lending was down six per cent in May on the previous month, according to the latest figures.
The value of gross lending in May was £24.5 billion, which is 22 per cent lower than the same month last year, data from the Council of Mortgage Lenders (CML) suggests.
However, it reports 19,200 mortgages were granted to first-time buyers throughout the month, which represents an increase of four per cent on April but is 41 per cent lower than May 2007.
CML director general Michael Coogan comments that the "growing popularity" of fixed-rate loans suggests many homeowners are seeking greater certainty when planning their monthly repayments.
He believes the figures show a recovery is "still some way away, with little sign of the special liquidity scheme increasing the flow of funds to the industry or lowering the cost of funds as hoped".
A recent survey from Alliance & Leicester found more than three million homeowners intend to move house in the next 12 months.
It revealed one in five will attempt to make their properties more saleable in the next year by carrying out home improvements.
The value of gross lending in May was £24.5 billion, which is 22 per cent lower than the same month last year, data from the Council of Mortgage Lenders (CML) suggests.
However, it reports 19,200 mortgages were granted to first-time buyers throughout the month, which represents an increase of four per cent on April but is 41 per cent lower than May 2007.
CML director general Michael Coogan comments that the "growing popularity" of fixed-rate loans suggests many homeowners are seeking greater certainty when planning their monthly repayments.
He believes the figures show a recovery is "still some way away, with little sign of the special liquidity scheme increasing the flow of funds to the industry or lowering the cost of funds as hoped".
A recent survey from Alliance & Leicester found more than three million homeowners intend to move house in the next 12 months.
It revealed one in five will attempt to make their properties more saleable in the next year by carrying out home improvements.