Mortgage lending hits £18.6 billion in August
The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.6 billion in August. This is 5% lower than July (£19.7 billion) but 13% higher than August last year (£16.4 billion). It is the highest lending total for an August since 2008 (£19.3 billion).
Commenting on the figures, CML chief economist Bob Pannell said: "The narrative of recovering house purchase and buy-to-let activity continued through August. However, it is important to be aware that this picture is being flattered by strong seasonal factors through the summer period.
"A gentle slowing of lending activity may now be in prospect as a result of the continuing impact of tighter lending rules and a softening of the London market."
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