Gross lending at £24.8bn for July

Gross mortgage lending in July saw a 27% year-on-year decline to £24.8bn says the Council of Mortgage Lenders.

The CML gross lending table for July shows gross mortgage lending for the month at £24.8bn, a massive fall from the £34.2bn seen in July last year.

But the data from CML also reveals gross mortgage lending is up slightly from June, when gross lending was at £23.5bn.

Bob Pannell, head of research at the CML, says: “While there was a small month-on-month increase in activity, it represented a notable decline from a year ago.

“This continues the weaker picture seen in June and points towards the more subdued levels of lending we are likely to see in the second half of 2008.”