Regardless of the never ending media reports about green shoots of recovery in the UK housing market, the fact remains that mortgage lending remains at a low level with figures issued by the Council of Mortgage Lenders (CML) showing a drop in year on year lending at the end of July 2009.
Gross lending over the year fell by 36% to an estimated £16billion says the CML report, from £24.9billion in the previous twelve months. The report says that the figures represent a modest improvement in the market in the summer months but an exceptionally weak winter.
CML also noted that the figure for July 2009 represented the lowest volume of mortgages approved since 2001 and well below the average for the month. The group also expect a similar pattern to emerge over the coming twelve months, with peaks in summer and troughs through the winter months.
Separate data from Britain’s top six banking groups showed mortgage approvals for house purchases rose for a sixth consecutive month in July.
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