Mortgage lending 'up from previous month'

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Gross mortgage lending in the UK grew by five per cent during July compared to figures for the previous month, according to new figures.

The research by the Council of Mortgage Lenders (CML) found that the amount of money lent for house purchase in the month stood at £24.8 billion.

However, while it was an increase from June, the figure was 27 per cent lower than a year ago.

Discussing the findings, CML's head of research Bob Pannell said: "While there was a small month-on-month increase in activity, it represented a notable decline from a year ago.

"This continues the weaker picture seen in June and points towards the more subdued levels of lending we are likely to see in the second half of 2008."

Earlier this month, research from the CML found that the average homebuyer in the UK put down a deposit of 22 per cent in June.

It also found that the average first-time buyer borrowed over three times their income.

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