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Jul 24, 2006
According to new
data from the Council of Mortgage Lenders (CML), gross mortgage lending hit a
new record level in June, reaching £32.2 billion. The figure is up from £25.7
billion last June and is higher than the previous monthly record, set in May
this year, of £29.1 billion.
CML says lending activity
usually picks up in June following increased house buying activity in the
spring months. In addition, and the 11% month-on-month rise was broadly in line
with previous June increases.
“Record levels of
lending have been achieved in nine of the past twelve months. Today's figure
reflects the seasonal rise in house buying, strong house price growth and high
levels of remortgaging activity,” says CML Director General Michael Coogan. “The
strength of the London
market is also a factor, with property prices and mortgages substantially
higher than in other parts of the UK. The level of mortgage approvals
shows that demand for houses and remortgages remains strong, so we expect to
see continued robust lending during the summer months,” he added.
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