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CML lending edges downward

Mortgage lending in November fell by almost 3 per cent to £13.9bn from £15bn in October but was up by 27 per cent on the £10.2bn total in November 2000.

The monthly survey by the Council of Mortgage Lenders and the Department of Transport, Local Government and Regions found lending for house purchase declined to £8.6bn from £9bn in October but increased from the £7bn total in November 2000.

Remortgaging fell to £4.1 bn from £4.9bn in the previous month and represented 29 per cent of total lending compared with 33 per cent in October.

Base rate cuts continued, with average new variable rates falling to 4.25 per cent from 4.87 per cent in October and new fixed rates down to 5.36 per cent from 5.64 per cent.

In November, 61 per cent of lending was on a variable-rate basis and 39 per cent fixed rate. The number of loans for house purchase totalled 118,000 in November, a slight fall from 119,000 in October.

CML director general Michael Coogan says: “Mort-gage lending fell back in November, as you would expect. Much will depend in 2002 on the wider economy.At present, our expectation is of moderate growth in lending and house prices.”


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