The latest report published by the Council of Mortgage Lenders on Wednesday, October 20th suggests that gross mortgage lending in Great Britain fell by 7% last month as compared to September 2009 and amounted to £12 billion.
As for residential mortgage lending in the Q3 of this year, it was slightly down from the same time last year (4%) and 9% from Q2 2010.
Commenting on the findings, Mr. Coogan of the Council of Mortgage Lenders said that the organisation does not expect any significant increases in lending volumes. He also added that it is not the right time for the Government to make cuts in state support for struggling borrowers. Mr. Coogan is determined that it was overall cooperation between lenders, state and advice agencies that helped decrease the number of arrears and repossessions. CML director general urges the UK Government not to "weaken the existing safety net."
The mortgage lending report for this month, which will include gross lending figures and market commentary, is expected to be published by the CML in November 2010.
No comments:
Post a Comment