The housing market has "turned the corner" with
the highest monthly lending figure since October 2008 and the second half of
the year should be even better.
Total gross mortgage lending in July hit £16.6 billion, up
12% from £14.8 billion in June and 29% on the total of £12.9 billion in July
2012, new CML figures showed.
That is the highest monthly estimate for gross lending since
October 2008 at £18.6 billion.
Gross lending figures have now grown consistently for six
months, "a sure sign that the housing market has turned a corner",
said Peter Williams, executive director of the Intermediary Mortgage Lenders
Association. "With the Funding for Lending Scheme in its second year,
there is a real sense of expectation among lenders that the second half of this
year will see even greater activity in the market.
"Gross lending for the first six months now stands at
over £75 billion. Given the third quarter is typically the strongest we might
reasonably expect gross lending for 2013 to exceed £160 billion, sharply up on
the £142.5 billion in 2012."
