Gross mortgage lending in the UK rose across the month of August, new research has shown.
Compiled by the Council of Mortgage Lenders (CML), the findings revealed such movement amounted to £13.4 billion over the four-week period – a sum marking a six per cent increase on the £12.6 billion recorded in July.
In addition, the figure also represented a ten per cent jump on the £12.1 billion reported in August 2010.
Bob Pannell, chief economist at CML – a not-for-profit organisation whose members account for 94 per cent of residential mortgage institutions in the UK – said seasonal factors have been reflected in variations in lending figures of late, adding: “The underlying picture [is] one of activity levels that continue to be subdued, but broadly stable.”
The industry figure added the performance in August served to “more or less” offset that witnessed a month earlier, which proved to be lower than many had expected.
