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Gross mortgage lending continues to grow in June

Mortgage lending rose by two per cent in June to the highest level since October 2008.

The Council of Mortgage Lenders estimates that total gross mortgage lending in June increased to £15 billion from £14.7 billion in May.

This is 26 per cent higher than the total of £11.9 billion in June 2012.

Gross lending for the second quarter of 2013 was therefore an estimated £42 billion representing a 24 per cent increase from the previous three months and is the highest quarterly estimate since Q4 2008.

CML chief economist Bob Pannell, commenting on market conditions in this month’s CML Market Commentary, said: “Improvements in the cost and availability of mortgage credit are underpinning a meaningful recovery in the housing market.

“In recent months, we have seen the strongest performance for mortgage lending since 2008.

“However, although the pace of first-time buyer activity is approaching a quarter of a million per annum, it is worth bearing in mind that this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels.”

If you are buying or selling a house, call the CQS-accredited property team at PM Law solicitors in Sheffield on 0114 296 5444.

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