Highest July lending on record

Gross mortgage lending reached 30.4bn in July – the highest figure ever recorded for the month. The figure was also the second highest on record, says the Council of Mortgage Lenders. Lending in July was 6% below the 32.4bn figure for June, but 19% higher than the 25.5bn seen in the same month last year. But Michael Coogan, director-general of the CML, says: “With the financial markets suggesting at least one more rate rise before the end of the year we expect to see more subdued lending over the coming months.”