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Mortgage lending falls again in June

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Date: Friday 18 Jul 2008

LONDON (ShareCast) - Fewer mortgages were again issued last month as the credit crunch continues to hit lenders, latest figures from the the Council of Mortgage Lenders indicate.

The CML said gross lending declined to an estimated £23.8bn in June, down 3% on May and some 32% lower than this time last year.

Quarter-on-quarter figures also showed a decline. Lending declined by 1% from the first three months of the year to an estimated £74bn in April to July, with the downward trend picking up speed. The annual decline in the months to June was 21% compared with an 11% fall in the first quarter.

"Market activity during a traditionally a busy time of year for mortgages has been muted by funding shortages and, more recently, dampened consumer demand," said CML director general Michael Coogan.

He added that net lending had been "constrained" in 2008 and this picture would to continue for the rest of the year.

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