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Lending down by £1bn in May

Mortgage lending was £1bn lower in May than in April, according to the Council of Mortgage Lenders.

Gross lending amounted to £23.8bn in May, down from £24.8bn in April but still nearly 9 per cent higher than in May last year.

The number of house purchase loans fell to 103,000 in May from 118,000 in April. 31 per cent of these loans were to first-time buyers, compared with 28 per cent in April

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