Mortgage lending ‘declined during April’

New figures have revealed that a drop was seen in the supply of mortgage finance to consumers last month.

A Council of Mortgage Lenders (CML) report has revealed that gross lending for homeowner loans stood at £10.4 billion in April, a nine per cent fall on March’s level of £11.4 billion.

Also, the figure was 60 per cent below that seen in April 2009, but the organisation explained that this could be due to seasonal factors.

Easter was in March last year but in April this year, which may have affected the data, the CML noted.

Director general Michael Coogan remarked that it is too early to know whether a recovery is set to come about in the housing market.

He stated: “Activity remains weak and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market.”

Elsewhere, the Association of Mortgage Intermediaries has called upon the home loans industry to do more to promote the benefits of independent advice to consumers.

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