Mortgage lending keeps breaking records

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Mortgage lending keeps breaking records

Gross mortgage lending has once again smashed records last month, the Council of Mortgage Lenders (CML) has revealed.

A new high for August has been recorded at £32.7 billion. This is 7.2 per cent up from the previous month and more than a fifth higher than the figure for the same period last years.

It has also surpassed the £32.4 billion mark set in June – and industry experts believe the trend will continue.

Commenting on the latest figures, CML director-general Michael Coogan said: "In the coming months we expect to see a very similar picture, as demand remains strong and house prices continue to rise."

He added that this new record – the tenth monthly one in the last year – is "sustainable".

It illustrates the fact that the market is "in fundamentally robust shape", Mr Coogan said.

Mr Coogan put the record levels of lending down to increasing house prices as well as the strength of the property market in London.

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