Gross mortgage lending reaches £15 billion

The latest figures from the Council of Mortgage Lenders show that gross mortgage lending increased 2% from £14.7 billion in May to £15 billion in June.

This was up 26% from £11.9 billion in June 2012 and the highest monthly estimate for gross lending since October 2008.

CML chief economist Bob Pannell said: "Improvements in the cost and availability of mortgage credit are underpinning a meaningful recovery in the housing market. In recent months, we have seen the strongest performance for mortgage lending since 2008.

"However, although the pace of first-time buyer activity is approaching a quarter of a million per annum, it is worth bearing in mind that this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels."

Today's Conveyancer