UK gross mortgage lending fell 37% y/y in August to £12.6 bln, according to the Council of Mortgage Lenders.
The figure represented a decline of 13% from July’s revised total of £14.5 bln.
CML economist Paul Samter said “The likelihood of a significant pick-up in lending remains weak, but the prospects for wholesale funding markets are improving” adding “this could result in a gradual easing in constraints on the supply of funding over time. However, demand from consumers and a prudent approach to lending criteria are likely to mean that the market remains subdued.”
