UK Money News
21st January 2008
CML notes record mortgage lending in 2007
More money was lent as mortgage loans in the UK last year than has been the case in any previous 12-month period, according to the latest personal finance data from the Council of Mortgage Lenders (CML).
However, in light of current market conditions and the personal finance problems being faced around the county, the CML expects to see a "weak" performance from the housing market over the next few months.
According to the CML, the record annual mortgage lending levels were achieved despite a 25 per cent fall in such activity from November 2007 to the following month.
Michael Coogan, the CML's director general, said: "The credit crunch moved into its fourth month in December and continued to constrain the cost and availability of funds to lenders and, in turn, the cost and number of mortgage products available to borrowers."
Earlier this month, the CML reported that the amounts being borrowed by British first-time buyers relative to their annual incomes has been falling month on month since August 2007.
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