Gross mortgage lending rises in July
Gross mortgage lending reached £19.1 billion in July - the highest monthly total since July 2008. According to figures from the Council of Mortgage Lenders (CML), this is 7% higher than in June (£17.9 billion) and 15% higher than in July last year (£16.7 billion).
Caroline Offord, market and data analyst for the CML, explained: "Mortgage activity seems to have remained robust following the regulatory changes but the eventual impact of these remains uncertain.
"Property transactions in the first half of the year showed a 25% increase compared to the same period a year ago but, as set out in our recent market forecast update, we expect that intensifying affordability pressures could start to dampen this upwards trend."
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