Figures released today have suggested that total gross mortgage lending increased to £15 billion during June this year, as market conditions and interest from buyers continued to improve.
Largely driven by record low mortgage rates and wider credit availability via the Government's Funding for Lending Scheme, overall lending for the second quarter of 2013 increased to an estimated £41.9 billion according to the Council of Mortgage Lenders (CML).
This estimate is 24% higher compared with the previous three months and represents the highest quarterly lending figure predicted since 2008.
Monthly gross lending was also estimated to have grown by 2% compared with the £14.7 billion recorded in May this year.
Bob Pannell, chief economist at the CML, 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," he warned.
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