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Mortgage lending up but market still subdued

Tuesday, 20 September 2011 3:08 PM

Gross mortgage lending in August was up 10 per cent on a year ago in a market that the
Council of Mortgage Lenders (CML) says continues to be subdued but broadly stable.

Banks and building societies lent an estimated £13.4 billion last month, which was 6 per
cent up on the £12.6 billion for July and 10 per cent up on last August’s £12.1 billion.

This was the highest monthly total since July 2009 and the highest monthly total for
August since 2008.

CML chief economist Bob Pannell 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."

Meanwhile Leeds Building Society had some good news for borrowers yesterday. It cut
the rates on its five-year fixed rate mortgages by 0.86 per cent and launched a new two-
year discounted mortgage at just 2.45 per cent on up to 75 per cent loan to value.

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The number of loans was 22 per cent ahead of the number seen in January 2011. Image:Thinkstock

Mortgage lending up 22 per cent on a year ago

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House purchase lending actually fell by four per cent. Image:Thinkstock

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