UK mortgage lending in August broke records for the tenth consecutive month, the Council of Mortgage Lenders (CML) has announced.
Overall mortgage lending rose to £32.7 billion in August, up £300 million, or 7.2 per cent on July’s figures, and 21 per cent up on the same month of 2005.
“Record lending in August reflects the rise in mortgage approvals during the early summer combined with increasing house prices,” said CML boss Michael Coogan.
“The strength of the London market is also a factor – with property values and mortgage sizes substantially higher than in other parts of the country.”
Mr Coogan said that growth in the mortgage market is expected to continue, despite the increase in the best rate mortgage costs following August’s base rate rise.
“Despite today’s figure being the tenth monthly lending record of the past year, this level of lending is sustainable and illustrates the market is in fundamentally robust shape,”
The CML figures confirm similar statistics issued by the Royal Institute of Chartered Surveyors and the Building Societies Association.
© Adfero Ltd