10 July 2007
Mortgage lending is slowing down as the property market cools off, says the Council of Mortgage Lenders (CML).Total lending was £31bn in May, 12% higher than in April and 5% higher than a year ago.
The CML says this rate of growth was slower than earlier in the year, when mortgage lending was rising annually by between 12% and 15%.
The figures chime with surveys which show house prices slowing down under the impact of higher interest rates.
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