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CML reports record lending figures for April

Gross mortgage lending stood at 25.1bn last month, the highest April lending figure on record, according to the Council of Mortgage Lenders.

Lending was 16 per cent higher than in April 2005 and marks six months of record lending figures. But it was 12 per cent lower than the 28.4bn in March, which the CML puts down to market slowdown over Easter.

CML director general Michael Coogan says: “The record figures we have witnessed over the past six months illustrate that the market is in robust shape. Even so, the level of new mortgage approvals has stabilised in recent months, and we do not expect the underlying level of lending to rise from recent levels.

“In the past couple of months the interest rate picture has changed and financial markets are expecting the Bank of England to raise rates this summer. If this happens, housing and mortgage market activity is likely to slow down from the recent high levels as the year progresses.”

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