Mortgage lending rises to hit £14.7bn
MORTGAGE lending in May increased to £14.7bn, representing a rise of 21 per cent from £12.2bn in April and 17 per cent higher than the total of £12.6bn in May 2012. This is the highest monthly estimate for gross mortgage lending since October 2008.
CML chief economist Bob Pannell says: “The imminent change of guard at the Bank of England takes place against the backdrop of a modestly improving UK economy, albeit one that appears to rest upon a pick-up in consumer spending and a recovering housing market.
“Funding conditions, helped by the funding for lending scheme, continue to look favourable and are supporting more competitive mortgage pricing and avilability.”