CML: Gross mortgage lending up

20 August 2009

Written by Simon Whittaker

Following recent news from the Council of Mortgage Lenders (CML) that the buy to let mortgage sector stabilised in the second quarter of 2009, the body has announced that gross mortgage lending grew in July.

A statement from the CML revealed that gross mortgage lending totalled around £16 billion last month, which represented a 26 per cent increase on June's £12.7 billion.

The figure is still someway down on the £24.9 billion total lending reported in July 2008, but is "further evidence of a modest improvement in the market", the CML claimed.

CML economist Paul Samter said that the lending estimate of £16 billion is the highest level reported in the last nine months "and consistent with the rise in house purchase approvals".

With 21,600 new buy to let mortgages advanced in the second quarter of this year - a quarterly drop of four per cent - it would appear that there has been a slowdown in the rate of decline for lending in the UK.

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