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Gross lending drops 2% in May, says CML

Gross mortgage lending was down 2 per cent in May at £10.3bn compared to the previous month and 58 per cent year on year, Council of Mortgage Lenders data reveals.

May’s gross lending total of £10.3bn compared to £10.5bn in April and £24.7bn in May 2008.

CML economist Paul Samter says:“While recent signs from the housing market have been more encouraging, we do not anticipate a significant recovery in activity in the coming months.

“Lending volumes appear to have stabilised at extremely low levels, but the weak labour market and lenders’ limited access to funding will constrain activity for some time yet.”

Samter says that the moderate improvement in house purchase lending in May has been offset by very low remortgaging volumes as borrowers stay with existing deals.

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