CML reports 26% growth in Mortgage LendingMake Text Bigger
The Council of Mortgage Lenders CML reports that total gross mortgage lending increased to £15 billion in June, which is 2% more than £14.7 billion in May this year and 26% higher than the total of £11.9 billion in June 2012.
This is the highest monthly figure for gross lending since October 2008.
Gross lending for the second quarter of 2013 was therefore an estimated £42 billion. This represents a 24% increase from the previous three months and is the highest quarterly estimate since Q4 2008.
CML chief economist Bob Pannell said:
“Improvements in the cost and availability of mortgage credit are underpinning a meaningful recovery in the housing market. In recent months, we have seen the strongest performance for mortgage lending since 2008.
“However, although the pace of first-time buyer activity is approaching a quarter of a million per annum, it is worth bearing in mind that this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels.”
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