Mortgage lending at 'highest level in nine months'

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Mortgage lending at 'highest level in nine months'

Gross mortgage lending has reached its highest level for nine months according to the Council of Mortgage Lenders (CML).

It estimated gross mortgage lending to have hit £16 billion for July, although it pointed out that there is typically a strong seasonal rise in summer.

Paul Samter, a CML economist, commented that it would be difficult for the market to pick up much more this year due to the number of "obstacles" in place.

He said: "We anticipate some seasonal slowing in lending volumes and housing transactions over the latter part of the year and the picture of a slow but more stable market to emerge."

Although the lending figure is high in the context of this year, the CML said that this was the lowest July lending figure since 2001.

Previous research from the CML showed that number of house purchase loans went up from 36,500 in May to 45,000 in June.

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