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Mortgage lending shows slight recovery

Thu, 21 Aug 2008

Gross mortgage lending showed a slight improvement in the month of July, it has been revealed.

According to figures from the Council of Mortgage Lenders (CML), mortgage lending grew by five per cent last month compared to June 2008.

In July, an estimated £24.8 billion was loaned out mortgage lenders, demonstrating evidence of a slight month-on-month recovery.

Nonetheless, Bob Pannell, CML head of research, highlighted that mortgage lenders are not yet out of the woods.

"While there was a small month-on-month increase in activity, it represented a notable decline from a year ago," he commented.

Lending in July was down year-on-year by 27 per cent as recorded by the CML.

The Guardian reports that competition in the mortgage market may be returning, with mortgage lenders cutting their rates .
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