Mortgage lending for house purchase at highest since 2008

published on 21/08/2014  

There were £19.1bn worth of home purchase mortgages in July – the highest monthly figure since the property market collapsed in August 2008. According to the Council of Mortgage Lenders, lending to home buyers was 7% higher in July than in June, and up 15% on July last year. In August 2008, lending for house purchase was £19.3bn. The CML said it concludes that a “robust market” is emerging after the Mortgage Market Review. However, the organisation’s analyst Caroline Offord said: “The eventual impact [of MMR] remains uncertain. “Property transactions in the first half of the year showed a 25% increase compared to the same period a year ago, but we expect that intensifying affordability pressures could start to dampen this upward trend.”