Mortgage lending declines by 4%

Mortgage lending was around 4% lower in August than a year ago, despite the launch of an £80 billion scheme to boost the struggling economy, figures from lenders show.

Gross mortgage lending stood at an estimated £12.6 billion last month, representing a 1% decrease compared with July and a 4% fall from the £13.1 billion figure recorded in August 2011, the Council of Mortgage Lenders (CML) said.%VIRTUAL-SkimlinksPromo%