Mortgage lending drops 14% in April
Mortgage lending declined to an estimated £9.8bn in April, down 14% from £11.4 bn in March and 5% from £10.3 bn in April 2010, according to figures from the Council of Mortgage Lenders (CML).
"Statistical noise, associated with extended holidays around Easter and the royal wedding, makes it harder to read the immediate market situation." said the CML chief economist Bob Pannel.
He went on to say: "This represents an unfortunate temporary loss of signal, at a time when it would be useful to gauge the resilience of the house purchase demand to economic uncertainties and the pressure on household incomes."
May 20, 2011
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