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January mortgage lending down to 2001 levels

The Council of Mortgage Lenders sees no sign of a mortgage revival as January lending figures slip to the lowest amount since April 2001.

It found that gross mortgage lending declined to an estimated £12.4bn in January, an 8 per cent fall from £13.5bn in December and a 52 per cent fall from January 2008.

It says a slight decline is typically experienced between December and January, but these figures are still much subdued and from these the CML sees no signs of revival.

CML head of research Bob Pannell says: “Mortgage lending activity continues to be very weak and while people are searching eagerly for some signs of recovery, it would be unrealistic to expect a meaningful revival in lending in coming months.

“Even when conditions do improve, gross lending will be one of the later measures to recover.”

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