Housing and mortgage markets pick up over the summer

by Aaron Strutt

Sep 16 2015

Improving activity levels in the housing and mortgage markets have helped to push lending to a total of £138.6 bn so far this year.  

Gross mortgage lending was an estimated £20 billion in August, according to figures from the Council of Mortgage Lenders (CML). This is 8% lower than July’s lending total of £21.7 billion, but 12% higher than August last year (£17.8 billion).

CML chief economist Bob Pannell says: “Mortgage lending is currently enjoying its best spell since 2008 on the back of a pick-up in house purchase and remortgage activity over the summer months. 

“August’s lending of £20 billion marks the third month in a row of strong year-on-year growth and is the highest August figure since 2007. First-time buyer and mover numbers are stronger than a year ago, although these gains are more limited than for buy-to-let.”