CML gross mortgage lending figure for February 2013

20 March 2013

Peter Williams, Executive Director of IMLA, comments on the latest CML figures, which show that total gross mortgage lending has fallen by 8% over the past month, from £11.4bn in January to £10.5bn in February. However, this month’s figure is 1% higher than this time last year.

“The slowdown in total mortgage lending since the turn of the year highlights the need for greater intervention to stimulate the market. Central to this will be expanding the existing Funding for Lending Scheme (FLS).

“We have urged the Government to reconsider the scheme’s focus to include the non-banking sector, and also encourage growth in the wider market with targeted funding, as opposed to focusing on areas of lower risk such as home movers and remortgages.

“Of course, any measure to encourage lending must be coupled with investment to boost our housing stock. Supply is already severely limited and despite the pressure on spending in the current economic climate, the issue simply cannot be ignored.”

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