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Gross mortgage lending continues to grow in July

20 Aug 14

Gross mortgage lending continues to grow in July

The Council of Mortgage Lenders estimates that gross mortgage lending reached £19.1 billion in July. This is 7% higher than June (£17.9 billion), 15% higher than July last year (£16.7 billion) and the highest monthly figure since August 2008 (£19.3 billion).

Commenting on market conditions in this month’s Market Commentary, CML Market and data analyst Caroline Offord observes:

"Mortgage activity seems to have remained robust following the regulatory changes but the eventual impact of these remains uncertain.

"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."

 

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly mortgage lending press release and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.

3. Next month's gross mortgage lending press release and market commentary will be published on Thursday 18 September 2014.

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