RTTNews - Monday, the Council of Mortgage Lenders reported that gross mortgage lending in the UK rose 17% month-on-month to GBP 12.3 billion in June.
However, gross mortgage lending was 48% lower than the same month last year.
According to CML economist Paul Samter the pick-up in June's lending was largely due to seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer.
But the combined effects of the restricted nature of mortgage funding, reduced number of active lenders, weak labour market and limited consumer demand are likely to hold back any significant and underlying improvement .
CML left its gross mortgage lending forecast for the year unchanged at GBP 145 billion.
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