Gross mortgage lending 29% stronger than a year ago
Published: 20 August 2013
The Council of Mortgage Lenders estimates that total gross mortgage lending in July increased to £16.6 billion, representing a rise of 12% from £14.8 billion in June and 29% higher than the total of £12.9 billion in July last year. This is the highest monthly estimate for gross lending since October 2008 (£18.6 billion).
Commenting on market conditions in this month's Market Commentary, CML market and data analyst Caroline Purdey observes:
"An improvement in sentiment and activity continues to show in the UK housing and mortgage markets, with a more positive picture also starting to emerge in the economy.
"Our forward estimate of gross mortgage lending in July reinforces a growing evidence base of a strengthening in the housing and mortgage markets."
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 11.3 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 Regulated Mortgage Survey 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 lending press release and market commentary will be published on 19 September 2013.