Thu, 19 Aug 10
Gross mortgage lending rose by 5% in July, according to latest figures from the Council of Mortgage Lenders (CML).
The CML’s statistics reveal that gross mortgage lending totalled an estimated £13.6 billion in July, up 5% from June’s figure of £12.9bn.
However, the figures are down 3% on figures for July last year when gross mortgage lending totalled £14bn.
The CML estimates that gross lending will reach £140bn by the end of the year.
CML economist Paul Samter predicts a “slow market” for the rest of the year.
He said: “The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year. Late 2009 saw a pick up as some homebuyers looked to move before the end of the first stamp duty holiday.
“But for most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates. This looks set to continue for some time yet. While there are a range of risks to the outlook, low rates will further help most stay on top of their finances.”
By Joe Lepper
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