Mortgage lending in the UK increased by both volume and value in July when compared with figures recorded for June, new research has shown.
Carried out by the Council of Mortgage Lenders (CML), the study revealed such exchanges for house purchases escalated from £6.9 billion to £7.3 billion across the period.
In addition, it was also shown the volume of lending jumped from 47,800 to 48,800, meaning both figures stood at their highest point since August 2010.
The statistics revealed 30,600 loansto home movers were advanced in July – with the value totalling £5 billion – while lending criteria changed little for first-time buyers.
Paul Smee, director general at the CML – whose members account for 94 per cent of residential mortgage lending in the UK – noted the nation’s mortgage market is holding steady at present, but added: “August saw global financial turmoil and unrest closer to home and recent Bank of England approvals figures do not necessarily suggest a continuing upturn in lending in coming months.”
