The Live Wire



Press Release

September gross mortgage lending

20 October 2011

Gross mortgage lending totalled an estimated £12.9 billion in September. This represented a 2% decrease from the £13.1 billion lent in August but was 4% higher than September 2010 (£12.4 billion), according to new data from the Council of Mortgage Lenders.

Gross lending for the third quarter of 2011 was therefore an estimated
£38.6 billion, a 15% increase from the second quarter of this year
(£33.5 billion) and a 2% increase from the third quarter of 2010
(£37.9 billion).

In today's market commentary, CML chief economist Bob Pannell observes:

"Both house purchase and remortgage lending appear to have fared well in September, but this is against the backdrop of subdued levels of activity.

"However, short-term economic prospects for the UK are not favourable.

The housing market is very sensitive to wider household confidence, and this seems likely to weaken over the coming months in response to the latest spike in consumer prices and headline unemployment figures."

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Council of Mortgage Lenders

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