Gross mortgage lending reached £30.4bn in July - the second highest figure on record and the strongest July figure ever - according to new data from the Council of Mortgage Lenders (CML).
Lending in July was 6% below the £32.4bn of lending in June, but 19% higher than the £25.5 billion of lending in the same month last year. CML director general Michael Coogan says seasonal factors are continuing to support housing transactions and buoy house price growth while Bank of England approvals data shows there is a strong appetite among borrowers for remortgages and other types of loan. But Coogan adds the timing of the Monetary Policy Committee's interest rate rise a fortnight ago caught some people by surprise, and its effect is not reflected in today's figures. “With financi...
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