CML: Mortgage market remains 'open for business'

The mortgage market remains open for business, despite weaker consumer demand and continuing funding constraints that will dampen monthly lending figures for rest of this year and the first quarter of 2009.

Although gross lending will be lower than the 2007 total of £363 billion, it is still expected to reach around £255 billion in 2008. Net lending this year is likely to total around £40 billion, compared with £108 billion in 2007.