August’s gross mortgage lending up at an estimated £13.4 billion, a 6% rise from £12.6 billion in July and a 10% increase from £12.1 billion in August 2010, according to data published today by the Council of Mortgage Lenders.
However, mortgage lending over the summer has been similar to the past two years although this is the second highest figure since July 2009 when gross mortgage lending stood at £14 billion.
CML chief economist Bob Pannel said: “Much of the recent variation in monthly lending figures appears to have reflected seasonal factors, with the underlying picture being one of activity levels that continue to be subdued but broadly stable.
“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.”