Yesterday, I posted a chart that highlighted the 17 percent fall in gross mortgage lending between March 2008 and the same month last year. One of this blog's most frequent commenters - traderboy - was impressed but wanted to see how last months numbers stacked up against those from previous years.
Gross mortgage lending in 2008 is down compared to 2007 and 2006. It is a little higher than 2005, but back then, the Bank of England tightened interest rates, and the housing bubble slowed somewhat. Going back a little further, this year's number looks a lot like 2004.
These numbers are not inflation adjusted. In real terms, the decline in March 2008 is much higher.