Member Article

Mortgage lending figures reaches record high

Gross mortgage lending reached its highest figure on record this summer, a new report from the Council of Mortgage Lenders (CML) has found. In June, when the record total was reached, the lending amount was £32.4 billion, and whilst July’s total dipped 6% to £30.4 billion, it is still a 19% increase of the figures for July 2005.Director General of the CML, Michael Coogan said: Another month, another record lending figure. Seasonal factors are continuing to support housing transactions and buoy house price growth. Bank of England approvals data shows that there is a strong appetite among borrowers for remortgages and other types of loan.“The growth in the property market, and demand for mortgages was also reported in a new report by the British Bankers Association (BBA), which revealed that new net mortgage lending rose by £5.7 billion. David Dooks, BBA director of statistics, said: “The robust nature of mortgage lending continues, with recent monthly net increases not far short of the movements seen when lending peaked in 2003/4.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .