20/06/2011

Mortgage Lending Boosted

Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML).

This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010.

Gross mortgage lending includes lending for both house purchase and remortgage. Despite a modest pick-up in overall lending activity during May, lending for house purchase is running below year earlier levels – as April Bank of England approvals data indicate.

Looking ahead, interest in remortgaging is now also likely to be less pronounced, as expectations of higher interest rates this year recede. The MPC once again kept rates unchanged at its June meeting – for the 27th successive month.

CML Director General Michael Coogan commented: "Gross mortgage lending in May recovered after low activity levels in April. Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months."

(CD/BMcC)

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20 June 2006
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01 September 2003
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18 November 2010
Gross Mortgage Lending Falls
Gross mortgage lending in October was an estimated £12.4 billion, unchanged from September but down 9% from £13.6 billion in October 2009, according to new data from the Council of Mortgage Lenders. This is the lowest October total since 2000 (£9.9 billion).
21 January 2009
Gross Mortgage Lending Declines In December
Gross mortgage lending reached an estimated £12.6 billion in December, down 11% from £14.2 billion in November and 47% on December 2008, according to the Council of Mortgage Lenders (CML). This is the lowest monthly figure since April 2001. Lending totalled £256.4 billion over 2008 as a whole, down 30% on £363.
08 April 2011
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