[The Council of Mortgage Lenders’ members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.]: “Gross mortgage lending in July was an estimated £12.6 billion, according to new data from the Council of Mortgage Lenders. This is marginally lower (1%) than Junes gross lending figure of £12.68 billion and a 6% fall from £13.3 billion in July 2010. In the August 18, 2011 market commentary, CML chief economist Bob Pannell observes:
- “UK economic prospects have deteriorated as a result of weaknesses in some of the major economies and renewed stresses in the eurozone area associated with the sustainability of government finances.
- As a result, UK interest rates look like staying lower for longer.
- Housing market conditions remain subdued, but pretty stable. Seasonal factors continue to provide some support, but underlying house purchase activity may drift lower over the coming months.”
