CML reports increase in house buyer activity
Wed, 21 Oct 2009
Gross mortgage lending totalled an estimated £12.5 billion in September, according to the Council of Mortgage Lenders (CML).
The figures represent a two per cent rise on the £12.3 billion borrowed in August, but a 27 per cent fall on September 2008.
Gross lending in the third quarter of 2009 was estimated at £38.9 billion, up 18 per cent on the second quarter and down 36 per cent on the third quarter of last year.
A pick-up in house purchase activity contributed to the rise, although this was off-set by a decline in remortgaging.
CML economist Paul Samter said buyer activity is running at considerably higher levels than around the turn of the year, despite remaining weak on any historic comparison.
He added: "There are some positive signs to look to. While the retail side, both in terms of mortgage and savings activity, has thrown up few surprises, it is encouraging that the wholesale markets have begun to thaw.
"Some of the UK's highly rated institutions have been able to issue structured finance products backed by mortgages in recent weeks."
The CML aims to promote a thriving environment for the UK housing and mortgage markets.
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