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News: Another month, another lending record

Gross mortgage lending reached £30.4 billion in July - the second highest figure on record and the strongest July figure ever - according to new data from the Council of Mortgage Lenders.

Lending in July was 6% below the £32.4 billion of lending in June, but 19% higher than the £25.5 billion of lending in the same month last year.

Commenting on the data, CML director general Michael Coogan said: "Another month, another record lending figure. Seasonal factors are continuing to support housing transactions and buoy house price growth. Bank of England approvals data shows that there is a strong appetite among borrowers for remortgages and other types of loan."

"But the timing of the Monetary Policy Committee's interest rate rise a fortnight ago caught some people by surprise, and its effect is not reflected in today's figures. So, with financial markets suggesting the possibility of at least one more rate rise before the end of the year, we expect to see more subdued lending over the coming months."

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