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Mortgage lending for August hits 10-year low

CML chief economist Bob Pannell commented:
“We face the prospect of a difficult second half of the year. However, the Bank of England is likely to keep interest rates at record lows for longer to support the economy. This will continue to alleviate payment pressures for many borrowers.”
Stuart Law, Chief Executive of Assetz said:
“It is sad to see that lenders continue to pull back their lending and that this coincided with the slow summer period. Healthy levels of lending to property buyers and businesses is essential if the recovery is to continue at its full potential. The Government should ensure that those lenders the public are now majority shareholders in deliver the funds they have been given. At present, the government looks weak and is being palmed off with excuses that there is a lack of demand when this is, frankly, untrue. It’s time the Government took their gloves off if they really mean what they say – let us judge them by their actions.”

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