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Rise in Mortgage Lending For June
June mortgage lending increased significantly compared to previous months according to mortgage lenders, the total amount lent by members of the Council of Mortgage Lenders (CML) reached £12.3bn in June, up from £10.5bn in May.
The amount lent was still significantly lower than June 2008 with a reduction of 48%. A separate report from the Bank of England suggested a subdued UK credit market.
UK mortgage lending has dropped dramatically since the autumn of 2007 & the onset of the banking crisis although the Council of Mortgage Lenders estimated gross lending figure for this month is the highest this year
"The pick-up in June's lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer," said Council of Mortgage Lender economist Paul Samter.
The figure’s of gross lending in the second quarter of 2009 totaled an estimated £33.3bn, unchanged from the first three months of the year, this is the lowest level since 2001.
The Mortgage market has shrunken dramatically both in number of lenders & the amount of mortgage products available.
The Council of Mortgage Lender has forecast the gross mortgage lending for 2009 to be in the region of £145bn. Some brokers believe
A Bank of England review of the levels of lending found that mortgage activity was still at extremely low levels in May, but there had been some "stabilisation" in housing market activity and prices.
The Bank of England also noted that the cost of fixed mortgages has increased in June from May.
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