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| Total mortgage lending down again | Total mortgage lending down again |
| (20 minutes later) | |
| The total amount of mortgage lending fell again in April, the Council of Mortgage Lenders (CML) said. | The total amount of mortgage lending fell again in April, the Council of Mortgage Lenders (CML) said. |
| The amount lent by its members stood at £10.4bn, down from £11.4bn in March, and was 60% lower than in April 2008. | The amount lent by its members stood at £10.4bn, down from £11.4bn in March, and was 60% lower than in April 2008. |
| The CML said the drop during last month was due to a seasonal factor, with Easter falling in April this year, rather than in March a year ago. | The CML said the drop during last month was due to a seasonal factor, with Easter falling in April this year, rather than in March a year ago. |
| The lenders organisation played down recent suggestions that the housing market may be about to pick up. | The lenders organisation played down recent suggestions that the housing market may be about to pick up. |
| "It's still too early to spot a clear pattern of recovery in the housing market as some commentators have suggested," said the CML's director general Michael Coogan. | "It's still too early to spot a clear pattern of recovery in the housing market as some commentators have suggested," said the CML's director general Michael Coogan. |
| "Activity remains weak, and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market," he added. | "Activity remains weak, and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market," he added. |
| Falling prices | |
| Estate agents and surveyors have spotted a small upturn in sales and a continued rise in the number of prospective buyers making enquiries. | |
| Previous official figures showed a jump in mortgage approvals in February, along with a subsequent jump in completed sales in March. | |
| But prices are still falling, according to surveys from lenders such as the Nationwide and the Halifax. | |
| And the key to a revival in the property market remains the availability of funds for lenders. | |
| With the credit crunch still inhibiting the ability of banks to borrow and lend, severe rationing is still being applied to would-be mortgage borrowers. | |
| About two-thirds of all mortgage deals currently on offer specify a downpayment of at least 25%, although there has been a slight relaxation by lenders recently. |