Lending for UK mortgages declined by approximately £1 billion in April, 2009 when compared to the previous month, according to the Council of Mortgage Lenders. Total lending for April was estimated at £10.4 billion, which is nine percent less than March’s £11.4 billion.
While the council noted that the figures were affected due to the Easter holiday occurring in the middle of April this year, the fall is still disheartening. The drop is not only significant on a month-to-month basis, but it’s even more astounding looking at it from year-to-year. The April, 2009 amount of mortgage lending is 60 percent less than the same month in 2008.
The Director General of the Council of Mortgage Lenders, Michael Coogan, said that “It’s still too early to spot a clear patter of recovery in the housing market as some commentators have suggested. Activity remains weak, and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market.”
The council has forecast gross lending for 2009 to be £145 billion.
Useful Resources
