This is the first time that monthly lending levels have dropped below the same month in the previous year since July 2005, and clearly demonstrates the market slowdown has started.
Michael Coogan, director of Council of Mortgage Lenders, said: As we had forecast, lending in November dipped below its 2006 – equivalent for the first time this year and we expect this trend to continue into 2008. However, while lending will be subdued in coming – months we see this as primarily a result of lack of available funding rather than lack of consumer demand.
