The Council of Mortgage Lenders (CML) announced in their August Market Commentary that the gross mortgage lending was steady in August and was an estimated £16.6 billion.
The Council of Mortgage Lenders (CML) announced in their August Market Commentary that the gross mortgage lending was steady in August and was an estimated £16.6 billion.
The flat position can be further demonstrated by the almost identical figure to July’s gross lending total of £16.7 billion. It is however 28% higher than August last year.
The CML believe that the housing market is in the early stages of recovery, albeit a “benign and broad-based recovery”.
In today’s CML market commentary, CML chief economist Bob Pannell comments:
“We are beginning to experience a healthy and broad-based recovery in mortgage lending activity. We attribute much of this turnaround to the improvement in funding markets generally, and also to the Funding for Lending Scheme. The Bank of England’s approvals data suggests that the positive tone for house purchase and remortgage lending will continue.
“One tell-tale sign of a recovering housing market is the re-emergence of concerns about a housing boom… But, as we have argued elsewhere, the housing market recovery to date appears fairly unexceptional in nature, at least compared with that of the early-mid 1990s”.
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