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CML: Gross lending up 26% year-on-year

CML - 700

Gross mortgage lending was up 26 per cent year-on-year in June, according to figures released today by the Council of Mortgage Lenders.

Lenders advanced £15bn in June, up from £11.9bn in June 2012. June’s total is the highest monthly gross lending figure since October 2008, when £18.6bn was advanced.

On a monthly basis gross lending was up 2 per cent from £14.7bn in May.

In the second quarter £42bn was advanced, which is a 24 per cent increase on the £33.8bn advanced in the first quarter of 2013 and the highest quarterly total since Q4 2008, when gross lending hit £46.2bn.

CML chief economist Bob Pannell says: “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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