CML Confirms Poor Mortgage Lending in November 2010

On Friday, January 14th the Council of Mortgage Lenders published a report, which confirmed that mortgage lending in United Kingdom remained subdued in November 2010.

As such, the overall number of loans for house purchases amounted to 44,000 or £6.3 billion. The figures remained the same as in October 2010 and 13-15% lower than at the same time in 2009.

As for remortgage activity, it rose just slightly by number and value on a monthly basis, yet dropped by 12-14% on a yearly basis.

The same trend was seen in first-time buyer mortgages and mortgages to home movers, which fell on an annual basis by 17% and 12% accordingly.

Commenting on the findings, Mr. Coogan of the CML, said that "the funding and capital constraints on lenders will continue to exert a dampening effect on lending."

The figures on UK mortgage lending in December 2010 will be available in early February 2011 on the official website of the Council of Mortgage Lenders. As usual, it will be based on CML Regulated Mortgage Survey.