UK Mortgage Lending Continues To Slump

Mortgage lending continued its downward spiral in August, according to the latest figures from the Council of Mortgage Lenders (CML).

The total value of new lending was £21.8bn, down by 12% from July and 36% lower than in August last year.

The combination of dear money and falling property values is crushing the market for home loans and, more worrying, the decline in lending is speeding up, according to the CML figures.