Gross mortgage lending up 7% in May
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Gross mortgage lending increased by 7% in May to an estimated total of £11.3 billion, according to the Council of Mortgage Intermediaries.
The figures show a rise from £10.5 billion in April and £10.2 billion in May 2009 - up 10%.
But turnover remains a little below that seen towards the end of 2009 and gross lending may undershoot the existing CML forecast of £150 billion for 2010.
Paul Samter, economist at the CML, says: “The ground has been cleared for next week’s Budget to be the start of an austerity drive to get the public finances onto a more sustainable footing.
“Financial sector regulation is a further source of uncertainty. As well as regulating individual firms, the Bank will have ‘macro prudential’ powers and be accountable for the stability of the system as a whole. But it is not yet clear what levers it will have at its disposal to do so.”
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