With all the negative news that we are facing about the UK economy, it is a slight breath of fresh air to read that the Council of Mortgage Lenders (CML) have found that mortgage lending actually increased by 10% in July, compared to last year.
This 10% increase represents an increase from £12.1 billion to £13.4 billion, and this new high in August is also a rise of 6% above that lent in July 2011.
Highest Monthly Record
Although it is still much lower than during the peak, 2/3rds off that reported in August 2008 with a gross lending of £19.3 billion, it does represent the highest August since then.
It also breaks the record for highest monthly total since July 2009 where the gross lending was £14 billion.
CML chief economist Bob Pannell observes:
“Much of the recent variation in monthly lending figures appears to have reflected seasonal factors, with the underlying picture being one of activity levels that continue to be subdued but broadly stable.
“The August performance more or less offset the weaker than expected July figure. Taking July and August together, lending has shown little change on the same months of 2009 and 2010.”
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