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Mortgage lending undergoes 10% bump

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Homeowners welcomed a bump in gross mortgage lending between July and August, as more than £13.4 billion was offered, according to data from the Council of Mortgage Lenders.

The rise from to £13.4 billion represents a 10% increase since August 2010, and is the highest monthly total since the £14 billion seen in July 2009.

“Much of the recent variation in monthly lending figures appears to have reflected seasonal factors, with the underlying picture being one of activity levels that continue to be subdued but broadly stable,” commented CML Chief Economist Bob Pannell.

“The August performance more or less offset the weaker than expected July figure. Taking July and August together, lending has shown little change on the same months of 2009 and 2010.”

According to the CML, lenders have been relatively careful about who they lend to since the financial crisis, while fears over the economic climate and unemployment have also led to a wait-and-see approach from many potential house buyers.

However, such worries show signs of softening in recent months, as increased government action to guarantee homeowners loans begin to take effect.

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Written by Andrew Hodges

October 6, 2011 at 9:59 am

Posted in Comment, LinkedIn

Tagged with ,

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