Council for Mortgage Lending results for April 06 |
The Council for Mortgage Lending (CML) has released results for April '06, saying that total lending for the month was £25.1 billion. This figure was 12% lower than March's £28.4 billion, but this is likely to be due to the timing of Easter - in terms of average lending per working day, April's figures were higher than March's.
Michael Coogan, CML Director General, said:
"The record figures we have witnessed over the past six months illustrate that the market is in robust shape. Even so, the level of new mortgage approvals has stabilised in recent months, and we do not expect the underlying level of lending to rise from recent levels.
"In the past couple of months the interest rate picture has changed and financial markets are expecting the Bank of England to raise rates this summer. If this happens, housing and mortgage market activity is likely to slow down from the recent high levels as the year progresses."