May’s massive mortgage milestone

May’s massive mortgage milestone

Tuesday, June 20, 2006

Gross mortgage lending reached £28.7 billion in May according to new figures from the Council of Mortgage Lenders out today.

Lending was 18% higher than in April, and nearly 30% higher than in May last year. It was the strongest May figure on record and only 0.5% below the record for a single month seen in July 2004 (£28.9 billion).

Lending is typically higher in May than in April, as house buying strengthens during the spring months. However, even taking into account seasonal factors and the impact of the Easter break on last month's figures, the rise in lending in May was very strong.

Commenting on today's figures, CML director general Michael Coogan said: "The recent lending market has been consistently strong. Lending has hit record levels in six of the last eight months supported by the strength of the London market, interest in higher priced properties, and strong consumer confidence."

"We expect demand to moderate later this year, but it looks set to stay robust for the immediate future - although property viewings might be affected by World Cup fever."

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