UK Money News
8th April 2008
CML: Mortgage lending fell again in February
The number of mortgage approvals for house purchase fell again in February, new data from the Council of Mortgage Lenders (CML) shows.
Data from the CML's monthly house price survey shows that there were 49,000 such loans approved during the month.
This is the lowest figure for 16 years and follows consecutive falls in the number of approvals over the last four months.
Commenting on the figures Michael Coogan, director general of the CML, said the reductions were to be anticipated given the restrictions on lending currently being imposed by mortgage providers and predicted that the situation will worsen over the next year.
He added: "The February figures relate to completions of transactions started several months ago. More recently, there has been consistent evidence of tightening in lending criteria which will lead to shrinking pipelines of new business as the recent Bank of England's credit condition survey made clear.
"We expect this process of further tightening in lending criteria to continue in the second quarter as lenders respond to the challenging market conditions."
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