Mortgage lending on the increase
THE Council of Mortgage Lenders (CML) estimates that total gross home loan lending in June increased to £15bn, two per cent up from the £14.7bn total in May and 26 per cent higher than the figure of £11.9bn in June 2012.
It is the highest monthly estimate for gross lending since October 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, this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels.”