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Gross mortgage lending climbs in June

Published: 21 July 2016

The Council of Mortgage Lenders estimates that gross mortgage lending reached £20.7 billion in June. This is 16% higher than May’s lending total of £17.8 billion, and 3% higher than the £20.1 billion lent in June last year. This is the highest June figure in eight years when gross lending reached £22.6 billion in 2008.

Gross mortgage lending for the second quarter of 2016 was therefore as estimated £56.1 billion. This is 10% lower than the first quarter of this year, but 8% higher than the second quarter of 2015.

Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei said:

The result of the EU referendum is likely to affect the housing market, but there remains considerable uncertainty. Although mortgage firms have ample lending capacity, activity levels are likely to bear the brunt of any market adjustment over the next six months or so, as buyers and sellers wait to get a clearer idea of where we might be headed.

But as with the economy, the UK housing market’s starting position is relatively favourable, with transactions having increased by almost 80% from post-crisis lows. Over the next six months, activity is likely to soften modestly, while lending will be driven more by remortgaging and less by house purchases.

We also expect some form of monetary easing to be undertaken by the Monetary Policy Committee when it meets on 4 August, given the uncertain outlook that has set in after the vote result.

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 £1.3 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. The CML's July gross mortgage lending estimate will be published on Thursday 25 August 2016.

4. This month's full market commentary can be viewed on the CML website under the News & Views - Analysis section.

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