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21 May 2007

Mortgage lending slows

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by Brian Turner

Mortgage lending slows

The Council of Mortgage Lenders (CML) announced that mortgage lending in April was £28.8 billion.

This figure is 18% higher than the same period a year ago, but significantly lower that lending figures in previous months of this year.

According to the CML, this suggests that the mortgage market was stabilising after a succession of interest rate rises.

The British Bankers’ Association (BBA) agreed, with mortgage purchases after repayments increasing by £5.1 billion net, down from an average of £5.4 billion over the proceeding months of 2007.

The general expectation is that the UK property market is coming out of its existing cycle of growth, with a cooling from high property inflation rates across the country.

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