Lending reaches highest level since 2007

Lending reaches highest level since 2007

The latest CML data has shown that lending during the third quarter of 2013 was at its highest quarterly level since 2007.

Gross UK mortgage lending was £16.2bn in September, despite a fall of 14% in monthly lending from August to September this was a 21% year-on-year increase.

Gross lending for the third quarter of 2013 was £49.3 billion. This represents a 17.6% increase on the second quarter of 2013 and a 32% increase on the third quarter of last year.

First-time buyers took out 23,600 loans in September, a 34% increase from September 2012.

Third quarter results saw first-time buyer lending up 16% on the second quarter of 2013 and 34% up on Q3 2012.

Remortgage lending saw a 20% increase in September, and was up 11% in the third quarter compared to the second quarter of 2013.

Total buy-to-let loans advanced increased slightly to 14,600 loans in September, up 0.7% compared to August.

Buy-to-let overall in quarter three of 2013 grew compared to the second quarter and the same period last year.

Paul Smee, director general, CML, said: “The typical seasonal fall in lending in September was expected but we are seeing appreciable year-on-year and quarterly lending rises that suggests the market is continuing its recovery.

"First-time buyers were a key driver in the first half of 2013 but now home movers and remortgages are showing renewed strength which puts the market in a good position to continue momentum into the final few months of 2013 and the new year."

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