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Gross mortgage lending down 6% year-on-year

Gross mortgage lending was down 6 per cent on an annual basis in July, according to the Council of Mortgage Lenders.

In July, gross mortgage lending was an estimated £12.6bn, down from £13.3bn a year ago and a 1 per cent drop on June’s gross lending figure of £12.68bn, according to the Council of Mortgage Lenders.

CML chief economist Bob Pannell says: “Housing market conditions remain subdued, but pretty stable. Seasonal factors continue to provide some support, but underlying house purchase activity may drift lower over the coming months.”

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