You've got to love the spin!
The CML's own figures show gross mortgage lending in the UK reached a record of £34.2bn in June 2007.
June 2009 is is £12.3bn.
And that is being spun as a recovery. Yeah. Right.
Lending is down to 36% of its level two years ago. The market is squarely on its arse and unemployment is rocketing and interest rates will HAVE to rise and rise. Any green shoots will be immediately sprayed with Agent Orange (look it up).
The Council of Mortgage Lenders and the British Banking Association are in competition to spin the most positive spin about the housing market. They almost make the Flying Training Industry look bluntly honest and impartial..
WWW