£20bn mortgage lending in August

September 18, 2015

According to the Council of Mortgage Lenders (CML) they reported £20bn of mortgage deals went through in August, this was slightly down on July’s lending total of £21.7 billion, but 12 per cent higher than August last year, when loans totalling £17.8 billion went through.

A mortgage price war  between lenders, with many slashing the rates on their deals to the lowest they have ever offered, has attracted people to snap up cheap re-mortgage deals over the summer, that as well as people buying homes has contributed to the strong figure.

Talk of higher interest rates from next year by the Bank of England  has also been a factor in prompting some mortgage holders to lock into a cheap deal before it disappears.

Bob Pannell, CML chief economist, reportedly said: “Mortgage lending is currently enjoying its best spell since 2008, on the back of a pick-up in house purchase and remortgage activity over the summer months. August’s lending of £20 billion marks the third month in a row of strong year-on-year growth and is the highest August figure since 2007.

“We expect further modest growth for the rest of the year, although affordability pressures are likely to limit gains for first-time buyers and home movers.”

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Enhancing Project Presentation with 3D Rendering Services

Imagine pitching a luxury hotel to investors using only blueprints and mood boards. They nod politely, squint at technical drawings, and promise to “think about it.” Now picture showing them a photorealistic walkthrough where sunlight streams through the lobby’s glass atrium, shadows dance across Italian marble floors, and they can virtually stand on the rooftop…
Read More →
Breaking News

House prices fall for the first time in 18 months across southern England

House prices fall for the first time in 18 months across southern England, but threat of new property tax removed from 210,000 homes   House prices in London and the South recorded their first fall in 18 months, driven by budget uncertainty and more homes for sale, boosting choice for home buyers. UK-wide buyer demand…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove trialling new Renovation Cost Estimator

Rightmove, the UK’s largest property platform, is trialling a new renovation tool with home-movers, designed to help buyers understand the potential renovation costs of a property. The new ‘Renovation Cost Estimator’ tool encourages home-movers to spend more time considering the renovation potential of homes listed on Rightmove. It aims to provide agents with more high-intent…
Read More →
Breaking News

Strong rental supply continues amid seasonal slowdown in demand

Rental supply remained resilient in October, continuing the strong trend seen throughout 2025. Overall, year-to-date figures show new listings up 10% compared with last year, highlighting a sustained improvement in market supply. Average rents edged down by 3% in October 2025 compared with September 2025, settling at £575 per week. This slight dip aligns with…
Read More →
Home and Living

Why Choose Wooden Blinds for Your Home?

When it comes to selecting the right window treatments for your home, wooden blinds have long been a popular choice for many homeowners. They not only offer a classic and timeless aesthetic but also provide practical benefits such as durability, versatility, and eco-friendliness. If you’re looking for window coverings that combine style with functionality, wooden…
Read More →
Breaking News

Falling rates and rising wages ease first-time buyer challenge

Typical first-time buyer home now costs 5.9 times average earnings – the lowest ratio since 2015 Average monthly mortgage payment is now £1,087 – around £259 less than renting Inverclyde in Scotland is the most affordable location in Britain, Kensington and Chelsea in London the least affordable Amanda Bryden, Head of Mortgages, Lloyds: “Lower mortgage…
Read More →