Mortgage lending reaches new high

The figure for June is up from £25.7bn during the same month last year, and is higher than the previous monthly record, set only in May, of £29.1bn. While the figures may cause concern the housing market is beginning to overheat again the CML has been at pains to point out lending usually strengthens in June reflecting the pick-up in house buying activity in the spring months. It adds the 11% month-on-month rise is “broadly in line with previous June increases.” Michael Coogan, CML director general, says: “Today's figure reflects the seasonal rise in house buying, strong house price grow...