New evidence of housing slowdown as Bank moves to cut loan rates ‘aggressively’

There was more evidence of a housing market slowdown today after the industry revealed the first year-on-year fall in mortgage lending for more than two years.

Daily Mail - 20 December 2007

Mortgage lending last month was £30.7 billion, the Council of Mortgage Lenders (CML) said, down 8% from £33.2 billion for the same period last year.c

The annual drop is the first time that monthly lending levels have dropped below the same month in the previous year since July 2005, the CML said.

CML director general Michael Coogan said he expected the trend to continue into next year, and blamed it mainly on the credit crunh. He called for more support from the central banks to help increase bank liquidity - full article