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Mortgage lending up 29% in June

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17/07/2015
The level of mortgage lending in June was up more than a quarter compared to the previous month, new data has shown.

The Council of Mortgage Lenders trade body said loans worth £20.5bn were completed in June, 29% higher than May’s total.

The general election has been highlighted by many commentators as a reason for May’s market slowdown.

This June lending figure was also 15% higher than the £17.8bn of lending recorded in June 2014.

Council of Mortgage Lenders data covers around 95% of all residential mortgage lending in the UK.

On a quarterly basis, lending was £52.2bn during April, May and June. This total was up 17% from the previous quarter’s £44.bn. Compared to the same period in 2014, total lending was 1% higher.

The trade body said that the upturn in lending is likely to continue over the summer months.

Council of Mortgage Lenders economist Mohammad Jamei said monthly changes needed to be considered in a wider context.

“Activity is picking up after a slow start to the year,” he said.

“Our lending figure for June may be flattered by the end of political uncertainties related to May’s general election, and the underlying picture is likely to be one of only modest recovery.

“This should be supported by favourable conditions in the economy, though it will be limited by rising house prices and affordability pressures.”

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