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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.”


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