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Gross lending plunges 60% year-on-year in April, says CML

Gross mortgage lending plunged an 60 per cent in April to £10.4bn compared to £26.1bn the same month last year.

The Council of Mortgage Lenders’ data also shows gross lending dropped 9 per cent in April compared to £11.4bn in March.

The CML said part of the drop could be attributed to seasonal reasons as Easter fell in April this year.

CML director general Michael Coogan says: “It’s still too early to spot a clear pattern of recovery in the housing market as some commentators have suggested.

“Activity remains weak, and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market. Our forecast for gross lending of £145bn in 2009 remains unchanged.”

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