Gross mortgage lending increases
The Council of Mortgage Lenders (CML)June gross mortgage lending estimate published yesterday 21st July headlined ‘Gross mortgage lending climbs in June’.
The Council of Mortgage Lenders estimates that gross mortgage lending reached £20.7 billion in June.
CML senior economist Mohammad Jamei said:
“The result of the EU referendum is likely to affect the housing market, but there remains considerable uncertainty. Although mortgage firms have ample lending capacity, activity levels are likely to bear the brunt of any market adjustment over the next six months or so, as buyers and sellers wait to get a clearer idea of where we might be headed.
“But as with the economy, the UK housing market’s starting position is relatively favourable, with transactions having increased by almost 80% from post-crisis lows. Over the next six months, activity is likely to soften modestly, while lending will be driven more by remortgaging and less by house purchases.
“We also expect some form of monetary easing to be undertaken by the Monetary Policy Committee when it meets on 4 August, given the uncertain outlook that has set in after the vote result”.
To read the above CML report in full click here