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Gross mortgage lending up 10% since 2010
The total amount lent out in best buy mortgages in August rose by ten
[per cent]
from the same time in 2010, new figures have shown.
Data published by the Council of Mortgage Lenders (CML) has revealed that gross mortgage lending was worth £13.4 billion last month.
This was a six per cent rise on July when £12.6 billion was lent out, and is the highest monthly total for August since 2008.
Bob Pannell, chief economist at the CML, said the rise in secured loans was due to a combination of seasonal factors that have been seen in the sector's recent fluctuations.
He claimed that the underlying picture is one where activity levels are subdued but stability has been maintained.
Mr Pannell added: "The August performance more or less offset the weaker than expected July figure. Taking July and August together, lending has shown little change on the same months of 2009 and 2010."
Earlier this month, Firstrung chief executive Paul Holmes warned that a rising number of homeowners are now facing negative equity problems due to falling house prices.
Copyright
[per cent]
from the same time in 2010, new figures have shown.
Data published by the Council of Mortgage Lenders (CML) has revealed that gross mortgage lending was worth £13.4 billion last month.
This was a six per cent rise on July when £12.6 billion was lent out, and is the highest monthly total for August since 2008.
Bob Pannell, chief economist at the CML, said the rise in secured loans was due to a combination of seasonal factors that have been seen in the sector's recent fluctuations.
He claimed that the underlying picture is one where activity levels are subdued but stability has been maintained.
Mr Pannell added: "The August performance more or less offset the weaker than expected July figure. Taking July and August together, lending has shown little change on the same months of 2009 and 2010."
Earlier this month, Firstrung chief executive Paul Holmes warned that a rising number of homeowners are now facing negative equity problems due to falling house prices.
Copyright
Published: 20/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.