CML: Mortgage lending up 16% month-on-month

| July 20, 2011
”CML:

The Council of Mortgage Lenders (CML) has today reported a pick up in mortgage lending for the month of June.

According to the Council, gross mortgage lending last month totalled £12.9 billion – this represented a 16% rise on a monthly basis but was 3% lower compared with June 2010.

Meanwhile, the CML said mortgage lending for the first half of 2011 was 2.5% lower when compared with the same period in 2010.

Commenting on the figures, CML’s chief economist Bob Pannell, said: “The UK economy continues to experience disappointing economic growth, strong consumer price pressures, falling disposable incomes and an uncertain jobs market.”

The uncertainty surrounding the economy, together with the ongoing mortgage rationing, mean the housing market is expected to remain subdued for some time to come.

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