The credit crunch continues: mortgage lending at lowest level since 2000
New statistics published today by the Council of Mortgage Lenders show that gross mortgage lending fell to £11.4 billion.
This may sound a lot, but remember that the total value of mortgages in the UK is a whopping £1.2 trillion. The latest mortgage lending figures are 6% below last August’s total of £12.1 billion and indeed are the worst for the month of August since the year 2000.
Clearly the credit crunch still has us firmly in its grip. The banks have skidded from profligacy straight into parsimony; surely it is now time for them to return to sensible lending policies.