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Gross mortgage lending steady in September

20th October 2014 Print

The Council of Mortgage Lenders estimates that gross mortgage lending reached £17.8 billion in September. This is 1% lower than August (£18 billion), but 10% higher than September last year (£16.2 billion).

Gross mortgage lending for the third quarter of this year was therefore an estimated £55.5 billion. This represents an 8% increase from the second quarter of this year, and a 13% increase on the third quarter of 2013 (£49.2 billion).

Commenting on market conditions in this month’s Market Commentary, CML chief economist Bob Pannell observes: “Uncertainty over when we will see the first increase in UK base rates is exacerbated by weaker growth prospects in several major economies, including the eurozone.

“Recent indicators and policy actions corroborate our view of a gentle easing in market conditions. There is growing evidence that mortgage lending activity, and the housing market, are sitting on a plateau.”