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June 18, 2010    

Gross mortgage lending up 7%

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by Gill Montia
”Gross

Gross mortgage lending totalled an estimated £11.3 billion in May, the Council of Mortgage Lenders (CML) has reported.

The figure is up 7% from £10.5 billion in April, and 10% from £10.2 billion a year earlier.

While the mortgage market is more buoyant than a year ago, it remains “subdued”, according to the CML, with gross lending falling slightly short of that seen towards the end of 2009.

The Council is therefore expecting total gross lending for 2010 to “marginally undershoot” its current estimate of £120 billion.

Looking ahead, CML chief economist, Paul Samter, warns that measures in next week’s Budget and the drive to get public finances onto a sustainable footing will inevitably affect the housing market because of their impact on household finances and confidence.

The economist also mentions changes in financial sector regulation that include the “macro prudential” powers being given to the Bank of England.

Some commentators have suggested that the Bank could use the powers to avoid another housing market bubble by, for example, banning 100% LTV and high income multiple deals, should they be deemed to be detrimental to the wider economy.

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