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Mortgage lending marginally down in July

By Jonathan Dawes, Thu 18 Aug 2011 - Published in Mortgages

The amount of home loans issued in July was marginally lower than figures from the previous month, according to the Council of Mortgage Lenders (CML).

It is estimated that gross lending was estimated at £12.6 billion in July but this was lower than the £12.68 billion approved in June.

On top of this, mortgage lending was down six per cent when compared to the same month in 2010.

The chief economist at CML, Bob Pannell, said: "Housing market conditions remain subdued, but pretty stable. Seasonal factors continue to provide some support, but underlying house purchase activity may drift lower over the coming months."

However, the CML recently noted that during the second quarter of 2011, the value of new buy-to-let-loans increased by 21 per cent.

According to the organisation, there were 32,000 of these mortgages taken out between April and June, worth around £3.5 billion, which is the highest number and value since 2008.