Gross lending falls

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Gross lending in the UK fell by four per cent in June compared to figures from the previous month, according to new figures.

The Council of Mortgage Lenders' (CML's) new research found that the statistic was also 32 per cent lower than June last year, while 18,100 loans were given to first-time buyers during the month.

It was also revealed that fixed-rate mortgages accounted for 69 per cent of products taken out by borrowers over the period, which was an increase on May.

Bob Pannell, head of research for the CML, said: "Mortgage lending activity remains relatively weak and will decline further in the coming months as a result of funding constraints and lower consumer demand.

"The majority of lending continues to be to people with larger deposits, which is prudent for borrowers and lenders in a slowing housing market."

Abbey recently announced further cuts to its fixed rate mortgage products, with the rate on five-year deals being reduced by 0.3 per cent.

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