Insurance News Archive

Mortgage lending drops 9% in April

Written by Jenny Smith

Gross mortgage lending fell again last month, dropping nine per cent compared to March and falling 60 per cent year-on-year, the latest figures show.

The value of home loans granted by financiers stood at £10.4 million last month, down from £11.4 in March and declining from £26.1 million in April 2008, according to the Council of Mortgage Lenders (CML).

Meanwhile, the first quarter of the year saw £32.9 million worth of mortgage lending, compared to £75.2 billion in the first three months of 2008.

The CML said that the fall could partly be accounted for by seasonal factors, as Easter fell in April next year, whereas last year the bank holidays were in March.

"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," said Michael Coogan, director general of the organisation.

Last week, the CML's research showed the buy-to-let lending fell for the sixth consecutive quarter in the first three months of 2009.

21 May 2009