Gross mortgage lending stable in August

The Council of Mortgage Lenders has estimated that gross mortgage lending in August was £12.6 billion. This amount is marginally lower (1%) than July's gross lending figure of £12.7 billion and a 4% fall from £13.1 billion in August 2011. CML chief economist Bob Pannell comments: "House purchase activity continues to be a little above year-earlier levels, but the housing numbers are far from strong. "The Funding for Lending Scheme is a bold move that has the potential to greatly influence the course of the housing market over the next year or so. While not a panacea for all housing market problems, the scheme does offer the potential to improve the lending environment. Unfortunately, it will be towards year-end before any initial assessment of its impact can be reached." September 21, 2012