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Gross mortgage lending rises by 8%

Gross mortgage lending rises by 8%

Category: Mortgages

Updated: 20/08/2012
First Published: 20/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Total mortgage lending during July rose by 8% to £12.7 billion, offering some hope to potential borrowers.

According to latest figures from the Council of Mortgage Lenders (CML), mortgage lending from banks and building societies was £1 billion higher than June's total figure of £11.7 billion and 2% more than the amount lent in July 2011.

Despite the encouraging data, experts have warned that the market is 'still broadly flat' and is currently 'see-sawing', as opposed to showing signs of a recovery.

As the effects of the financial crisis rumble on, mortgage lenders remain cautious as to whom they lend to. The Government's Funding for Lending Scheme, launched earlier this month, is hoped to improve the mortgage market and boost lending to consumers.

Caroline Purdey, market and data analyst at the CML, said: "Interpretation of recent trends continues to be challenged by one-off effects".

"We look forward to the September figures when the distorting effects of the Diamond Jubilee and the Olympics should largely have worked their way through."

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