August lending down 37% year-on-year

Gross mortgage lending totalled an estimated £12.6 billion in August, according to the Council of Mortgage Lenders.
This is a fall of 13% from July’s revised total of £14.5 billion. It is normal for lending to fall in August. However, estimated gross lending in the month was 37% lower than last August’s total of £19.9 billion.
CML economist Paul Samter said: “The likelihood of a significant pick-up in lending remains weak