From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

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Pace of lending growth slowed in June, says CML

Published: 18 July 2014

The Council of Mortgage Lenders estimates that gross mortgage lending reached £17.5 billion in June. This is 4% higher than May (£16.8 billion), 17% higher than June last year (£14.9 billion) and the highest monthly figure since October last year (£17.6 billion).

Gross mortgage lending for the second quarter of this year was therefore an estimated £50.8 billion. This represents a 10% increase from the first three months of this year, and a 21% increase on the second quarter of 2013 (£41.9 billion).

Commenting on market conditions in this month’s Market Commentary, CML chief economist Bob Pannell observes:

"The macro-prudential interventions announced by the Financial Policy Committee in late June are finely calibrated and precautionary, but could nevertheless reinforce April’s Mortgage Market Review in tipping the UK towards a more conservative lending environment.

"It is difficult to gauge the short-term direction for house purchase activity and mortgage lending more generally, given unknown regulatory impacts and uncertainty as to when the first in a series of interest rate increases will take place.”

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 Wednesday 20 August 2014.

 

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