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Mortgage lending down but better than expected

Total mortgage lending of £143.7bn in 2009 was 43% down on 2008’s levels, but slightly above forecasts, according to the Council for Mortgage Lenders.

Mortgage lending down but better than expected

The CLM said total mortgage lending in 2009 was down from the £253bn lent in 2008, when the availability of credit dried up. It’s the lowest amount lent since 2000’s £119bn.

However, they also report that the last month of the year saw the first year-on-year rise in lending since the start of the credit crunch. At £13.7bn, lending was 14% up on November and p 3% ahead of December 2008.

CML economist Paul Samter says that while this may have been due to the impending close of the stamp duty holiday for properties under £175,000, there is “every reason to expect a gradual improvement in the latter part of the year”.

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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