U.K. gross mortgage lending dropped by 19 percent in April from a month ago to GBP 10.2 billion, the Council of Mortgage Lenders said Monday.
On a yearly basis, gross lending rose 2 percent from GBP 10 billion in April 2011. CML chief economist Bob Pannell said, "The underlying picture is likely to be one of easing momentum in the housing market, but with potential for a sharper downwards correction on bad eurozone news."
"The underlying picture is likely to be a bit stronger than the April figure suggests, because some first-time buyers are likely to have brought forward their transactions to March to take advantage of the stamp duty concession that was coming to an end," Pannell said.
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