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Gross mortgage lending at highest level since October 2008

By BFN News | 02:25 PM | Thursday 18 July, 2013

Gross mortgage lending increased to £15bn in June, its highest level since October 2008, according to estimates from the Council of Mortgage Lenders. This is 2% up from £14.7bn in May and 26% higher than the total of £11.9bn in June 2012. Gross lending for the second quarter of 2013 was an estimated £42bn. This represents a 24% increase from the previous three months and is the highest quarterly estimate since Q4 2008. CML chief economist Bob Pannell said: "Improvements in the cost and availability of mortgage credit are underpinning a meaningful recovery in the housing market. In recent months, we have seen the strongest performance for mortgage lending since 2008. "However, although the pace of first-time buyer activity is approaching a quarter of a million per annum, it is worth bearing in mind that this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels." Story provided by

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