Mortgages issued by the Council of Mortgage Lenders Members increased from £11.4 billion in May to £13.1 billion in June according to figures released today.
Gross lending was up 17% in the second quarter of the year, from £30 billion to £35 billion, but the total for the first 6 months of 2010 is the same as that for 2009.
In the market commentary, CML economist Paul Samter commented:
“Our gross lending estimate of £13.1 billion in June represents a seasonal pick-up and is higher than June last year, but is still indicative of low levels of activity.
“There are signs of house prices stabilising and more properties coming onto the market following the abolition of home information packs. This may improve liquidity in the market, but transaction levels are subdued and likely to remain so while access to credit remains constrained.”
20th July 2010