20/08/2014

Mortgage Lending At Six Year High - CML

Mortgage lending has hit a six year high with £19.1 billion being lent in July, an increase of 7% from the previous month and a 15% rise from July last year.

Saying that mortgage activity "remained robust" the Council of Mortgage Lenders (CML) Market and data analyst Caroline Offord added: "Property transactions in the first half of the year showed a 25% increase compared to the same period a year ago but, as set out in our recent market forecast update, we expect that intensifying affordability pressures could start to dampen this upwards trend.

"Economic conditions have strengthened but while the Bank of England has signalled an improved economic outlook since May, headwinds remain and the message about future rate rises being measured and gradual remains unchanged."

(MH/CD)

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