Gross mortgage lending hits £16.6 billion

Total gross mortgage lending in July increased to £16.6 billion, up 12% from £14.8 billion in June.

The figures from the Council of Mortgage Lenders showed an increase of 29% from the total of £12.9 billion at the same time last year.

The figure is the highest monthly estimate for gross lending since October 2008 (£18.6 billion).

CML market and data analyst Caroline Purdey said: "An improvement in sentiment and activity continues to show in the UK housing and mortgage markets, with a more positive picture also starting to emerge in the economy.

"Our forward estimate of gross mortgage lending in July reinforces a growing evidence base of a strengthening in the housing and mortgage markets."

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