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Mortgage lending up 17% in June

UK gross mortgage lending was up by 17 per cent in June 2009, but was still down by almost a half on 2008 figures.

According to the Council of Mortgage Lenders, gross mortgage lending in June was an estimated £12.3bn, a 17 per cent increase from £10.5bn in May and a 48 per cent decline from £24.8bn in June 2008.

Gross lending in the second quarter of 2009 totalled an estimated £33.3bn, unchanged from the first quarter, which was the lowest quarterly reading since the first quarter of 2001.

CML economist, Paul Samter says: “The pick-up in June’s lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer.

“But the combined effects of the restricted nature of mortgage funding, reduced number of active lenders, weak labour market and limited consumer demand are likely to hold back any significant and underlying improvement. Our forecast for gross mortgage lending of £145bn this year is unchanged.”

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