The council’s December gross lending declined to an estimated GBP22.6 billion, which was down 25% from GBP29.9 billion in November and 21% from GBP28.6 billion in December 2006.
Michael Coogan, director general of Council of Mortgage Lenders (CML), commented: The ‘credit crunch’ moved into its fourth month in December and continued to constrain the cost and availability of funds to lenders and, in turn, the cost and number of mortgage products available to borrowers.
