Product Guides
Personal Finance News
What our customers say..." Thanks to you I managed to choose another credit card that was 0% which is really helping me to pay off my card and get out of debt. You provide some really helpful tools in comparing different companies."
CML: Mortgage lending fell due to seasonal factors
Mortgage lending fell back in April due to seasonal factors, according to the Council of Mortgage Lenders (CML).
The CML confirmed that the total amount of new funds lent dropped by 14 per cent from March to £9.8 billion, down five per cent from April 2010.
Last month's drop was, according to the CML, due to Easter falling in April and the extra public holiday because of the royal wedding.
"Statistical noise, associated with extended holidays around Easter and the royal wedding, makes it harder to read the immediate market situation," said the CML's chief economist Bob Pannell.
"This represents an unfortunate temporary loss of signal, at a time when it would be useful to gauge the resilience of house purchase demand to economic uncertainties and the pressure on household incomes.
"Levels of activity look set to remain broadly flat over the near-term," Mr Pannell added.
The CML is an industry body representing the majority of mortgage lenders in the UK.
The CML confirmed that the total amount of new funds lent dropped by 14 per cent from March to £9.8 billion, down five per cent from April 2010.
Last month's drop was, according to the CML, due to Easter falling in April and the extra public holiday because of the royal wedding.
"Statistical noise, associated with extended holidays around Easter and the royal wedding, makes it harder to read the immediate market situation," said the CML's chief economist Bob Pannell.
"This represents an unfortunate temporary loss of signal, at a time when it would be useful to gauge the resilience of house purchase demand to economic uncertainties and the pressure on household incomes.
"Levels of activity look set to remain broadly flat over the near-term," Mr Pannell added.
The CML is an industry body representing the majority of mortgage lenders in the UK.
Published: 20/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.