Mortgage lending down by 9 per cent (From Knutsford Guardian)

Mortgage lending down by 9 per cent

2:56pm Thursday 21st May 2009

© Press Association 2009

Mortgage lending fell by 9% during April, dampening hopes that the housing market was on the road to recovery, figures have shown.

A total of £10.4 billion was advanced during the month, down from £11.4 billion in March, and 60% below the level for April last year, according to the Council of Mortgage Lenders.

The group said some of the reduction in lending was caused by seasonal factors, with Easter falling in April this year, compared with March last year.

But it added that the drop showed it was too early to talk about a recovery in the property market.