UPDATE:UK Gross Mtge Lending Rises 5% To GBP24.8 Billion In July-CML
Wednesday August 20th, 2008 / 10h53
(Adds details, background) LONDON -(Dow Jones)- U.K. gross mortgage lending rose in July, but remained substantially weaker on the year as the credit crunch continued to throttle activity in the housing market, data from the Council of Mortgage Lenders showed Wednesday. Gross mortgage lending rose to an estimated GBP24.8 billion last month from GBP23.6 billion in June, but was 27% weaker than in July last year, the trade association said. The gross lending total for June was the lowest since February 2006. "While there was a small month-on-month increase in activity, it represented a notable decline from a year ago," Bob Pannell, CML head of research, said in a statement. "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." U.K. residential property sales have slumped and prices have fallen this year as a result of the credit crunch and concerns about the economic outlook. Higher food and fuel prices have also squeezed people's finances. The CML's members include banks, building societies, and other lenders who together undertake about 98% of all U.K. residential mortgage lending. CML Web site: www.cml.org.uk -By Nicholas Winning, Dow Jones Newswires; +44 207 842 9498, nick.winning@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=17jN%2BY%2BLk7RqyXnxJNeFvw%3D%3D. You can use this link on the day this article is published and the following day.
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