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 The Council of Mortgage Lenders has today (June 12th) suggested that the UK mortgage market is continuing to decline.
Gross lending hit £26.1 billion in April, an increase of eight per cent, while remortgaging represented 42 per cent of the market, compared to 38 per cent at the equivalent point last year.
There were also a total of 50,700 house purchase loans during April (worth £7.7 billion), representing a nine per cent increase in volume and ten per cent rise in value from March.
CML director general Michael Coogan said: "Monthly house purchase lending volumes continue to be lower than last year's levels and there will be a further weakening in coming months as recent approvals data has shown."
The CML's statistics also show that loans for home purchase now only account for 30 per cent of the market, as opposed to 44 per cent last year.
And the picture is also gloomy for first-time buyers, with just 18,500 loans issued during April, 36 per cent lower than the figure for 12 months ago.
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