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Gross mortgage lending up 26%

Gross mortgage lending totalled an estimated £16bn in July, a 26 per cent increase from £12.7bn in June, according to the Council of Mortgage Lenders.

Although this is the largest gross lending figure posted by the CML since October 2008, it is still down 36 per cent from the £24.9bn figure in July 2008.

The CML also says that this is the lowest July lending figure since 2001 and £11bn lower than the July average over the previous seven years of £27bn, but it also says lending volumes remain consistent with its forecast for £145bn in gross mortgage lending this year.

CML economist Paul Samter says: “Most of the indices point to house prices rising modestly over the summer months, but the bounce-back in activity from the extreme weakness around the turn of the year, coinciding with a seasonal bounce, is limited in how far it can go against the current back-drop.

“We expect improved sentiment to support the market, but a further significant pick-up is unlikely with so many obstacles in place. As a result, we anticipate some seasonal slowing in lending volumes and housing transactions over the latter part of the year and the picture of a slow but more stable market to emerge.”

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