/24-7PressRelease/ - LONDON, UK, December 25, 2007 - According to figures from the Council of Mortgage Lenders, monthly mortgage lending dropped in November for the first time below the same month in the previous year since July 2005.
In the month of November, gross lending was 30.7 billion, down from 33.5 billion in October and 33.2 billion in November 2006. The mortgage data from the Council of Mortgage Lenders reveals that housing market is weakening in the UK. Earlier, the Bank of England also revealed that the number of mortgage approvals was 88,000 in October, the lowest level since February 2005.
Michael Coogan, the director of the Council of Mortgage Lenders said: "As we had forecasted, lending in November dipped below its 2006 equivalent for the first time this year, and we expect this trend to continue into 2008."
Some financial experts believe that the mortgage lending is likely to be subdued not as result of any shortage in consumer demand but because of the lack of available funding. The recent move by the Bank of England to inject 10 billion in the market through auction is likely to improve the situation in the next year.
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