Gross mortgage lending in April saw a seasonal fall to £28.8 billion, according to the Council of Mortgage Lenders (CML). This was 9% down on the March figure of £31.7 billion, but still 18% up on the April 2006 figure of £24.4 billion, and the highest April figure on record.
The CML estimates that, if the figures were seasonally adjusted, they would show that lending has remained in a relatively narrow range in the first four months of the year, indicating a relatively stable picture.
CML Director General Michael Coogan commented: "Lending is still strong, but it does seem to be stabilising in 2007 following its major growth in 2006. With higher interest rates now beginning to have an impact, the modest slowing in activity that we have been expecting over the rest of the year looks set to materialise. Even so, we continue to expect lending in 2007 to be around 4-5% higher than in 2006."
