According to the Council of Mortgage Lenders, the British net mortgage lending risks are being recorded below the estimated forecast of 15 billion pounds this year.

The reason attributed for the downward trend is the passive lending and approvals for home purchase loans witnessed so far in 2010.

CML Director General, Michael Coogan said that, "Now that we have seen mortgage approvals data for the first four months of this year, it is becoming clearer that the risks associated with our lending forecast for 2010 are on the downside. We are predicting gross lending of 150 billion pounds this year - and net lending of 15 billion pounds - but are keeping our forecasts under review as we are tracking below these levels to date".

The statement from CML came following the Bank of England figures that reflected that the net mortgage lending rose by just 490 million pounds in April. The figures were less than the forecasted amount of 700 million pounds. However, the recorded numbers were higher than the 168 million pounds which were reported in March.

It is reported that CML members account for about 94% of all UK residential mortgage lending. However, it was noted that the slump in the housing market activity is attributed partly due to the expiry of a tax break on lower-valued houses at the end of 2009.