Gross lending for the first quarter was an estimated £33billion, a 29% decline from the fourth quarter of 2008 and the lowest quarterly lending total since the first quarter of 2001.
A seasonal fall of 10% is typically experienced between the fourth and first quarter. This first quarter is broadly in line with the CML’s expectations for £145billion in gross lending this year.
CML director general, Michael Coogan said: "While the market is beginning to show some signs of stabilising, housing transactions and lending are set to remain low for the foreseeable future."
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