Member Article

Gross mortgage lending hits £12.2 billion

Deloitte have welcomed figures indicating that gross mortgage lending was an estimated £12.2 billion, a 24% increase on the previous month.

This figure from the Council of Mortgage Lenders takes this year’s gross lending to £55.7 billion, meaning that the UK mortgage industry is likely to hit £130 billion over the course of 2012.

This would mean that gross lending would need to equate to around £10.6 billion each month for the rest of the year.

Commenting on the figures, Stephen Williams financial services partner at Deloitte said: “The bounce back in gross lending in May is a welcome sign that borrowers are still keen to transact.

“The new funding for lending scheme should provide new opportunities for consumers to access the market in an affordable way.

“While short-term lending trends are difficult to call, the market improvement in 2012 is set to continue.”

Despite the jump, there are indications that several high profile events, including the Olympics, could distort the market, meaning that the figures released in Autumn will provide a more accurate assessment of the current state of mortgage lending.

This was posted in Bdaily's Members' News section by Ruth Mitchell .