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Highest May lending in eight years

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Mortgage lending rises, but there could be trouble ahead...
Highest May lending in eight years

Mortgage lending reached an estimated £18.2bn in May, according to The Council of Mortgage Lenders.

This is a slight 4% rise on last month, and 14% higher than a year ago (May 2015 – £16bn). It’s also the highest level of lending in May since 2008 (£23.7bn).

But Council of Mortgage Lenders senior economist Mohammad Jamei warned of uncertainty ahead, following last week’s EU Referendum result. He said:

“Looking ahead, there is likely to be considerable uncertainty as a result of the EU referendum decision. We expect this to affect sentiment and reduce activity below levels that would otherwise be expected in the near term, as both buyers and sellers adopt a wait-and-see attitude until the dust begins to settle.

“Market fundamentals underpinning house prices still look sound, and we do not expect significant house price falls, especially given the current supply demand imbalance.”

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