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23rd of June 2011
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June 20, 2011    

CML: Mortgage lending rebounds in May

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by Kay Mitchell

The Council of Mortgage Lenders (CML) today reported a rise in mortgage lending for the month of May.

According to the Council, mortgage lending rose 12% in May compared with April as demand was boosted by the public bank holidays.

Gross mortgage lending in the month totalled £11.3 billion, said the CML.

The figure was also 1% higher on an annual basis but despite the rebound, the Council expects the mortgage market to remain subdued throughout 2011.

Commenting on the figures, CML’s director general, Michael Coogan, said: “Lending in May recovered after low activity levels in April.

“Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months.”

In other news today, property website, Rightmove, reported a rise in asking prices for the month of June – the sixth consecutive month of growth.

According to Rightmove, asking prices for residential property in England and Wales grew 0.6% in June after a 1.3% increase in May.

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