December 20, 2010 / 9:43 AM / 9 years ago

November gross mortgage lending down 10 percent - CML

LONDON (Reuters) - Gross mortgage lending fell 10 percent on the year to 11.1 billion pounds in November, the lowest figure for a month of November since 2000, the Council of Mortgage Lenders said on Monday. However, the CML said last year’s figure may have been elevated by a tax concession for home purchases that expired at the end of 2009.

“The fall in gross mortgage lending in November reflects the usual seasonal slowing of activity at this time of year, and reinforces the picture of a continuing flat market,” said CML chief economist Bob Pannell.

“Comparisons with the year earlier are somewhat distorted, as some households brought forward house purchase activity into the closing months of 2009 to take advantage of the stamp duty concession. But both demand for mortgage borrowing and the supply of funds for lending remain heavily constrained.”

The CML expects gross mortgage lending in 2011 will come in at around 135 billion pounds, a similar level to this year.

Editing by Toby Chopra

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