Council of Mortgage Lenders data shows that gross mortgage lending totalled a huge £29.5 bn in September, a record for that month, with a 7% increase on the same period in 2005.
In spite of this record-breaking total, September's figure was 11% lower than the £33 billion totalled in August, the highest ever mortgage lending recorded in CML's survey.
That monthly drop was unexpected, however, with the CML expecting a pick up in autumn as potential buyers change their focus from summer holidays to house hunting. Lower levels of mortgage lending in September ought to be viewed against this backdrop.
House prices and mortgage approvals are still continuing to rise, so we will see continued levels of lending over the next few months.
With financial markets expecting another interest rate rise, we expect a decrease in mortgages being approved and house sales as we go into the new year.
There has also been an increase in net mortgage lending of £5.4 bn in September.
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Gross Mortgage Lending Soars in September Mon, 23 Oct 2006
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