Tuesday, 8 July 2008

Gross mortgage lending - crash or recovery?

The council of mortgage lenders have just put out their latest gross lending numbers for May.

The CML took some comfort from the monthly change. Lending for house purchases increased marginally from April to May. The number of loans stood at 52 thousand, which was about 4 percent higher than April. In terms of value, lending was about 2 percent up in May relative to the previous month.

Relative to last year, the numbers were horrible. Lending, both in terms of total value and numbers of loans were 44 percent lower than May last year.

Does a two percent monthly increase signal a recovery? Or should we pay more attention to the year on year collapse?

3 comments:

VADO said...

I'll go with the year-on-year number.

Anonymous said...

"Does a two percent monthly increase signal a recovery? Or should we pay more attention to the year on year collapse?"

You are having fun, right?

Nick

andyrich29 said...

I must admit, I do find it strange that there has been any sort of increase, even though it is seasonal. I guess some people have to move and thats that.
At what stage in the home buying process are these figures recorded?