Published: 19 June 2014
Gross mortgage lending held steady in May and was an estimated £16.5 billion, according to the Council of Mortgage Lenders. This is identical to April’s gross lending total and is 12% higher than May last year (£14.8 billion).
Commenting on market conditions in this month’s market commentary, CML chief economist Bob Pannell comments:
"Market indicators point to a slowdown in activity levels, in part associated with new mortgage rules, but it is unclear how lasting this will be.
"Implementation of the new regulatory regime is likely to have disrupted the normal patterns of activity, creating statistical "fog" around the published figures. As this lifts over the coming months, a clearer picture as to any lasting impact of the MMR rules on lending activity should emerge."
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 11.2 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 Friday 18 July 2014.