A near-£2bn increase in mortgage lending last month may be no more than a "flash in the pan" reflecting concerted efforts from lenders to meet their mid-year targets, according to chartered surveyor e.surv.
The company said it would be "presumptious" to view the increase as a sign lenders now have a greater capacity to boost lending in the long term.
Gross mortgage lending increased to an estimated £12.6bn in June, up from £10.8bn the previous month, according to the latest data from the Council of Mortgage Lenders (CML).
This is the highest monthly total since July last year when the total stood at £13.3bn, it said.
Gross lending for Q2 was estimated at £33.5bn, an 11% increase on the first three months of the year.
"In reality, lenders are stuck between a rock and a hard pace," said e.surv business development director Richard Sexton.
"On the one hand they have a commitment to improve their capital, while on the other they are under political pressure to increase lending. These competing views are totally irreconcilable.
"If anything, the next few months are likely to see suppressed activity while lenders recoup equity and nurse balance sheets that still have to juggle a variety of risks."
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