View more on these topics

Record lending for May but CML says market is starting to ease

Gross mortgage lending reached £30.6bn in May, a new record according to the Council of Mortgage Lenders, proving lending in the UK is still going strong.

The figure for May is up 12 per cent from April, which saw a lending total of £27.4bn, and is 5 per cent higher than the May 2006 figure.

But the CML says lending is beginning to ease as the rate of year-on-year growth is not as high as it was in the first four months of the year, which saw an average rise of 12-15 per cent.

CML director general Michael Coogan says: “While today’s lending figure is a new record for the month of May, it does indicate that the market is slowing down following the rapid and sustained growth we saw last year.

“Going forward we expect lending to ease as we progress through the year, but the market will remain in good shape. Although further interest rate rises will continue to dampen demand, we are still on course to meet our prediction of a record £360bn of lending during 2007.”

Recommended

Clerical Medical introduces new pension commission model

Clerical Medical is introducing a new pension commission model designed to improve persistency rates among advisers.The Lautro scale which Clerical Medical currently uses is being replaced with a single initial commission option and a fixed three year clawback term with changes taking effect July 9.Clerical Medical says the new model is being introduced to reward […]

Thinc Group in multi-tie deal with Pru & Just Retirement

Thinc Group is launching an annuity desk in conjunction with Prudential and Just Retirement in a multi-tie deal.The annuity desk will be managed by Thinc Group staff and will be based at Thinc’s Telford office. The group says it is launching the desk at a time when the individual retirement income market is growing year […]

New wave of products is on the way

The fund of hedge legislation will spark a flurry of new products hitting the investment market as most current products would still fall outside the current remit.New Star director Ravi Anand believes that master/ feeder amalgamated approach would make the most sense as it would allow clients to invest 75 per cent of the regulated […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com