Gross mortgage lending down 5 percent y/y in April - CML

Published 20th May 2011

Gross mortgage lending fell 5 percent on the year in April and was 14 percent lower on the month, with the timing of Easter a factor, the Council of Mortgage Lenders said on Friday.

The CML said gross mortgage lending totalled 9.8 billion pounds in April.

It said it had expected a decline due to Easter falling in April this year and an extra public holiday for the Royal wedding. These events had made it difficult to gauge the underlying trend.

"Statistical noise, associated with extended holidays ... makes it harder to read the immediate market situation," said CML chief economist Bob Pannell.

"Levels of activity look set to remain broadly flat over the near term. It now seems unlikely that interest rates will rise much, if at all, this year and this should help keep the market on an even keel," he added.

Source: ' Reuters '

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