Mortgage lending hits five year high

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Mortgage lending hit a five-year high in May providing yet further evidence of the resurgence of the property market.

Mortgage lenders advanced £14.7billion in the month - a surge of 21% on April's lending figure of £12.2billion, the Council of Mortgage Lenders said, according to the Dail Mail. The last time mortgage lending reached that level was October 2008, just after the collapse of US bank Lehman Brothers and before the Government's bank bailouts. The CML, which represents 95% of mortgage lenders in Britain, said the lending figure was also 17% higher than the £12.6billion worth of mortgages advanced a year earlier. The improved lending was attributed to the gradually improving economy and t...

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