- Friday, 18 September 2009Gross mortgage lending declined in August, according to the Council of Mortgage Lenders (CML).
Figures indicate a monthly decline of 13 per cent to £12.6 billion from July's revised total of £14.5 billion.
However, the CML also insisted that a seasonal decline was to be expected.
As a result of the continued recession in Britain, many people may still require debt advice as a result of poor personal finance - both related to mortgage lending and not.
CML economist Paul Samter said that it was unlikely that the UK would see an marked increase in lending anytime soon.
He commented: "The likelihood of a significant pick-up in lending remains weak, but the prospects for wholesale funding markets are improving. This could result in a gradual easing in constraints on the supply of funding over time.
According to the CML, there were 56,000 home loans in July - a year-on-year increase of 19 per cent.
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