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Gross mortgage lending down 14% in August

Gross mortgage lending fell to £11.4bn in August, a 14 per cent drop from the £13.3bn reported in July, according to the Council of Mortgage Lenders.

The August total is also 6 per cent down from the £12.1bn recorded in August 2009.

It is also the lowest August total since 2000, when gross mortgage lending reached £11.1bn.

The trade body says lending volumes are likely to remain below last year’s level in the coming months as activity was buoyed by the upcoming end of stamp duty holiday in the last few months of 2009.

CML chief economist Bob Pannell says: “We face the prospect of a difficult second half of the year. However, the Bank of England is likely to keep interest rates at record lows for longer to support the economy. This will continue to alleviate payment pressures for many borrowers.”

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