Gross mortgage lending decreased in September

Gross mortgage lending in October totalled an estimated £12 billion in September, down one per cent from £12.1 billion in August, according to Council of Mortgage Lenders CML statistics.

The total is a significant decrease from the £12.9 billion total lending for September 2009 and also the lowest September figure since 2000, despite lenders making the best mortgage rates more accessible.

Michael Coogan, CML director general, said: "Funding pressures on lenders remain, and the practical implications of government and public spending cuts are beginning to emerge, with a resulting impact on consumer confidence."

He added that a concerted effort by borrowers, lenders, the government and money advice agencies has helped keep mortgage arrear and possessions in check during the current economic downturn.

Gross lending in the third quarter of 2010 was an estimated £37.4 billion, a nine per cent increase from the second quarter and down four per cent from the third quarter of 2009.

Recent figures from the Accountant in Bankruptcy revealed that personal insolvencies were down by four per cent and corporate insolvencies down by 32 per cent in the second quarter of this year.
 

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2010-10-21 12:31:03 © Moneyextra.com