Mortgage lending hits new high

The figures come on the same day the minutes from this month’s meeting of the Bank of England’s Monetary Policy Committee reveal the MPC voted to hold the base rate at its current level of 4.75%. Mortgage lending was 7.2% higher than in July when it reached £30bn and 21% higher than the £26.9bn lent in the same month last year. It also beats the previous record set in June, of £32.4bn. Michael Coogan, director general of the CML, says "Record lending in August reflects the rise in mortgage approvals during the early summer combined with increasing house prices. The strength of the London ...