Gross mortgage lending continues to grow in June

The Council of Mortgage Lenders estimates that total gross mortgage lending in June increased to £15 billion, representing a rise of 2% from £14.7 billion in May and 26% higher than the total of £11.9 billion in June 2012. This is the highest monthly estimate for gross lending since October 2008.

Gross lending for the second quarter of 2013 was therefore an estimated £42 billion. This represents a 24% increase from the previous three months and is the highest quarterly estimate since Q4 2008.
 
Commenting on market conditions in this month's Market Commentary, CML chief economist Bob Pannell observes: "Improvements in the cost and availability of mortgage credit are underpinning a meaningful recovery in the housing market. In recent months, we have seen the strongest performance for mortgage lending since 2008.
 
"However, although the pace of first-time buyer activity is approaching a quarter of a million per annum, it is worth bearing in mind that this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels."