LONDON (MNI) – Gross mortgage lending fell back in September,
dropping 1.9% from its August high, according to data from the Council
of Mortgage Lenders.
Gross mortgage lending fell 1.9% on the month in September to
stg12.9 billion, having risen 4.9% in August to stg13.14 billion.
The August gross mortgage lending data showed the highest outturn
since July 2009, and highest monthly total for an August since 2008.
The September data, however, suggest that the pace of growth seen
in August will not be maintained.
“Short-term economic prospects for the UK are not favourable. The
housing market is very sensitive to wider household confidence, and this
seems likely to weaken over the coming months in response to the latest
spike in consumer prices and headline unemployment figures,” CML chief
economist Bob Pannell said.
Bank of England data show that mortgage rates are at record lows
across a range of mortgage products, but loan-to-value ratios are low by
the UK’s historic standards.
–London bureau: +4420 7862 7491; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,MABDS$]
