Gross mortgage lending 'in a strong state'

Posted: 20 Sep 2011 12:22:16 GMT

August saw gross mortgage lending amount to £13.4 billion.

Gross mortgage lending in the UK appears to be in a relatively strong state as new research has revealed such levels in August were ten per cent higher than those recorded one year earlier.

Carried out by the Council of Mortgage Lenders (CML), the study found this sum stood at £13.4 billion across the four-week period this year.

This represented a rise of six per cent on the £12.6 billion reported in July and a considerable upturn on the £12.1 billion posted in August 2010.

Furthermore, the total was the highest monthly amount since July 2009, when £14 billion was registered.

Bob Pannell, chief economist at the CML - whose members include banks, building societies and other mortgage lenders - said: "Much of the recent variation in monthly lending figures appears to have reflected seasonal factors."

He noted the general trend is for activity levels that are subdued yet stable.
 

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