Mortgage lending up 17% in June

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Gross mortgage lending rose 17% in June due to seasonal factors, according to new figures from the Council of Mortgage Lenders (CML).

Lending rose to an estimated £12.3bn in June from £10.5bn in May. However, this figure represented a 48% decrease from the £24.8bn in gross mortgage lending recorded in June 2008. Gross lending in Q2 totalled an estimated £33.3bn, unchanged from Q1, which was the lowest quarterly reading since the first quarter of 2001. CML economist, Paul Samter, says the increase in lending in June largely reflects seasonal factors, which may support lending volumes at moderately higher levels over the summer. He adds: "The combined effects of the restricted nature of mortgage funding, reduced...

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