CML: September gross mortgage lending

Thursday, 20 October 2011 9:51 AM

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."

DOCUMENTS ATTACHED

Gross mortgage lending table for September

NOTES TO EDITORS

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.

3. Next month’s gross lending press release and market commentary will be published on 18 November 2011.


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