CML: Gross mortgage lending increased in July
Date posted: 21 Aug 2009
Gross mortgage lending reached an estimated £16 billion last month, according to new statistics released by the Council of Mortgage Lenders (CML).
The organisation suggests that this was a 26 per cent increase from June's figure, although it is still significantly down on the same period last year.
After a very weak winter, the CML believes the statistics show a modest market improvement over the course of the summer months.
However, the body also notes that this is the smallest July lending figure since 2001.
Gross mortgage lending reached an estimated £16 billion last month, according to new statistics released by the Council of Mortgage Lenders (CML).
The organisation suggests that this was a 26 per cent increase from June's figure, although it is still significantly down on the same period last year.
After a very weak winter, the CML believes the statistics show a modest market improvement over the course of the summer months.
However, the body also notes that this is the smallest July lending figure since 2001.
Paul Samter, an economist at the CML, stated in the organisation's market commentary that the gross lending estimate for July is the highest it has been for nine months.
He added: "But the bounce-back in activity from the extreme weakness around the turn of the year, coinciding with a seasonal bounce, is limited in how far it can go against the current back-drop."
The National Association of Estate Agents has responded to the findings by saying confidence may slowly be returning to the housing market although a recovery is by no means underway.
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