Mortgage lending at seasonal record says CML

Posted: 19 Oct 2006 12:01:19 GMT


            Property News - Mortgage lending at seasonal record says CML

Mortgage lending hit £29.5 billion during September, new Council of Mortgage Lender (CML) figures have shown, a historical high despite declining from August

Mortgage lending hit £29.5 billion during September, new Council of Mortgage Lender (CML) figures have shown, a historical high despite declining from August.

Mortgage lending reached an all-time record of £33 billion in August before falling 11 per cent over the following month.

The figure is still a record for the historically-slow month of September and is up seven per cent on the £27.6 billion lent during the same period of 2005.

House-hunting typically picks up as the summer holidays come to an end, with the eventual sales and mortgage approvals producing a bounce in late autumn.

"Housing demand and mortgage approvals in May and June this year were particularly strong and this supported the record levels of lending during the summer months," said Michael Coogan of the CML.

"The lower levels of lending in September must be seen against this backdrop.

"House price growth and mortgage approvals continue to remain strong, so we should expect to see continued levels of robust lending over the coming months."

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