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Gross mortgage lending up 12% in May

Gross mortgage lending totalled £11.3bn in May, up 12 per cent from £10.1bn the month before, according to data from the Council of Mortgage Lenders.

The figure is also 1 per cent higher than the £11.1bn of gross lending in May 2010.

The CML expects lending to be flat over the coming months and interest in remortgaging to become less prominent as expectations of an increase in recede.

Director general Michael Coogan says: “Gross mortgage lending in May recovered after low activity levels in April. Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months.”

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