Gross mortgage lending fell by 14 per cent in April compared to the previous month. The total value of mortgages amounted to £9.8 billion for the month.
According to the Council of Mortgage Lenders, a decline was expected, due to the bank holidays.
CML chief economist Bob Pannell said:
“Statistical noise, associated with extended holidays around Easter and the royal wedding, makes it harder to read the immediate market situation. This represents an unfortunate temporary loss of signal, at a time when it would be useful to gauge the resilience of house purchase demand to economic uncertainties and the pressure on household incomes.
“Levels of activity look set to remain broadly flat over the near-term. It now seems unlikely that interest rates will rise much, if at all, this year and this should help keep the market on an even keel.”
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