CML reports mortgage lending fell 5% in November

Mortgage lending fell 5% in November according to new reports from the CML. Gross mortgage stands at £11.1 billion as mortgage lending fell by 5% in November, however number of houses empty for more than 6 months falls to 296,000. The Council of Mortgage Lenders has announced that mortgage lending fell 5% in November compared to October and is down 10% compared to a year ago. Official figures out this week show gross mortgage lending stood at around £11.1 billion - the lowest figure seen since April and the lowest figure for the month of November for a decade. With imminent public spending cuts and VAT rises, lenders predict mortgage lending could remain stagnant throughout 2011.