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Mortgage lending falls in June
Mon, 21 Jul 2008
The level of mortgage lending fell by £23.8 billion last month, new figures show.

Data released by the Council of Mortgage Lenders shows that the amount borrowed by people fell by three per cent compared to May and 32 per cent compared to June 2007.

According to Michael Coogan, director-general of the body, this trend is set to continue for the rest of the year,

He said: "Market activity during a traditionally a busy time of year for mortgages has been muted by funding shortages and, more recently, dampened consumer demand."

However, gross mortgage lending figures are still at a historically high level, Mr Coogan added.

The recent reduction in the cost of short-term fixed-rate mortgages should help relieve the pressure on some hard-pressed households, he stated.

Meanwhile, the Financial Times reports that a Treasury working group will not make any recommendations on how the problems facing the mortgage market can be tackled.

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