Gross mortgage lending up 24% in May

Gross mortgage lending up 24% in May

CML figures released today show that gross mortgage lending in May was an estimated £12.2 billion.  This is a rise of 24% from April, when £9.9 billion was lent, and represents a 13% rise compared to May 2011, when the figure was 310.8 billion.
Bob Pannell, CML chief economist comments:
“The government has recently announced a number of measures to counter the adverse effects from the Eurozone crisis.  It clearly senses an opportunity to bolster home ownership and housing activity, and we look forward to hearing more details about the “funding for lending” initiative which seeks to deliver this.
“Meanwhile, mortgage lending continues to seesaw, albeit against a broadly flat market.  Unfortnately, a number of one-off factors, such as the Diamond Jubilee and the Olympics, are set to distort market indicators over the coming months, and it may be the autumn before we can more accurately gauge the state of the market.”
Paul Hunt, managing director of Phoebus Software added:
“In a year in which a European nation has partially defaulted and appeared set to leave the eurozone altogether and in which the UK slide back into recession, that mortgage lenders have managed to achieve a substantial increase in their activity is testament to the innovative and proactive approach they have taken.
“In spite of the absence of economic growth and amid growing fiscal hurdles in the property market, the lending industry has found a way to sustainable and significantly boost activity in the property market.”
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