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 Mortgage lending boosted by London prices

 

Wednesday, September 20, 2006


Gross mortgage lending hit a new record in August, reaching £32.7 billion, according to the latest data from the Council of Mortgage Lenders.

This is 7.2% higher than the £30 billion of lending in July, and 21% higher than the £26.9 billion lent in the same month last year. It also beats the previous record set in June, of £32.4 billion.

Commenting on today's data, CML director general Michael Coogan said: "Record lending in August reflects the rise in mortgage approvals during the early summer combined with increasing house prices. The strength of the London market is also a factor - with property values and mortgage sizes substantially higher than in other parts of the country.”

"In the coming months we expect to see a very similar picture, as demand remains strong and house prices continue to rise. But with financial markets still expecting an increase in interest rates sometime between now and the middle of next year, we forecast that house price growth and strength of demand will moderate, as consumers anticipate higher rates.”

"Despite today's figure being the tenth monthly lending record of the past year, this level of lending is sustainable and illustrates the market is in fundamentally robust shape"

 

 
 
     
     
 

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