LONDON (MNI) – Gross mortgage lending was stg13.4 billion in
August, up 6% from the stg12.6bn seen in July and 10% higher than in
August 2010, according to Council of Mortgage Lenders data.
This is the highest monthly total since July 2009 (stg14 billion)
and the highest monthly total for August since 2008 (stg19.3 billion),
CML says.
In the accompanying commentary, CML Chief Economist Bob
Pannell downplayed the rise in mortgage lending, saying the market was
“broadly stable.”
“Much of the recent variation in monthly lending figures appears to
have reflected seasonal factors, with the underlying picture being one
of activity levels that continue to be subdued but broadly stable,”
Pannell said.
“The August performance more or less offset the weaker than
expected July figure. Taking July and August together, lending has shown
little change on the same months of 2009 and 2010.”
–London bureau: +4420 7862 7492; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,MABDS$]
