The Council of Mortgage Lenders CML has indicated that lending levels have dropped by 9per cent to £28.8 billion in April. This compares to the March lending figure of £31.7billion.
The Council of Mortgage Lenders are comfortable with this drop and if the seasonal adjustments are taken into account it will show that lending has remained in a narrow range for the first four months of the year.
Our view
This indicates a relatively stable picture of the lending market and reaffirms the Bank of England’s intent to slow down the overheated housing market.