RTTNews - Thursday, the Council of Mortgage Lenders report revealed that UK's gross mortgage lending grew 26% to GBP 16 billion in July. This was an evidence of a modest improvement in the market over the summer after a weak winter.
However, the CML said activity remained subdued on any historical comparison. This was the lowest July lending number since 2001.
CML economist Paul Samter said, We expect improved sentiment to support the market, but a further significant pick-up is unlikely with so many obstacles in place. As a result, we anticipate some seasonal slowing in lending volumes and housing transactions over the latter part of the year and the picture of a slow but more stable market to emerge.
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