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Gross mortgage lending rises 2 per cent

Gross mortgage lending rose by 2 per cent to £12.5bn in September compared to August this year, according to figures from the Council of Mortgage Lenders out today.

But lending was down by 27 per cent compared to September 2008 when lending was £17.1bn.

Gross lending in the third quarter of 2009 was an estimated £38.9bn, an 18 per cent increase from the second quarter and down 36 per cent from the third quarter of last year.

CML economist Paul Samter says: “House buying activity is running at considerably higher levels than around the turn of the year. However, it remains weak on any historic comparison and is unlikely to rise much further given the constraints the lending community faces and a still difficult economic backdrop.
 
“But there are some positive signs to look to. While the retail side, both in terms of mortgage and savings activity, has thrown up few surprises, it is encouraging that the wholesale markets have begun to thaw. Some of the UK’s highly rated institutions have been able to issue structured finance products backed by mortgages in recent weeks. This is only an early sign of wholesale investors tentatively coming back into the new issuance market, but is welcome nonetheless.”

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