Lending Falls: Mortgage Funds Liquidity CML
Published / Last Updated on 13/01/2008
Council of Mortgage Lenders - CML
The Council of Mortgage Lenders CML has revealed that gross lending fell from £33.5bn in October to an estimated £30.7bn in November, saying this was more to do with a lack of funding i.e. mortgage funds liquidity rather than consumer demand.
There was also an 8 per cent fall compared to gross lending in November 2006, this signifies a slowdown in the market as it is the first time monthly lending dropped below the same month in the previous year since July 2005.
Our view
No surprises here. If there is less mortgage funds liquidity i.e. lower mortgage funds available from wholesale mortgage funds lenders, there is bound to be lower mortgage lending levels.
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