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Mortgage lending record in May

Tuesday, 20 June 2006 12:00 AM

Mortgage lending set new records last month, according to figures published today.

In May, lending was up by a massive 30 per cent compared with the same time last year, and up by 18 per cent compared with April.

According to the Council of Mortgage Lenders (CML), which published the data, May's figure was a record for the month and the second highest figure of all time.

The data is backed up by figures from the Building Societies' Association (BSA), which recorded a 42 per cent increase in mortgage approvals in May compared with the same time last year.

CML director general Michael Coogan said: "Lending has hit record levels in six of the last eight months supported by the strength of the London market, interest in higher priced properties, and strong consumer confidence."

Adrian Coles, BSA director general, added: "The mortgage market last month was exceptionally strong, with total lending the highest May figure since records began in 1987.

"It seems this trend is likely to continue, as the approval figures give a good indication of business in the pipeline."

However, mortgage lenders believe lending could fall in June as a result of the World Cup.

Mr Coogan added: "We expect demand to moderate later this year, but it looks set to stay robust for the immediate future - although property viewings might be affected by World Cup fever."

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