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Mortgage lending nears six-year high in July, figures show | Mortgage lending nears six-year high in July, figures show |
(35 minutes later) | |
Mortgage lending rose to £19.1bn in July to reach the highest monthly total since August 2008. | Mortgage lending rose to £19.1bn in July to reach the highest monthly total since August 2008. |
The Council of Mortgage Lenders (CML) said the figure was 7% up from June, and 15% higher than July last year. | The Council of Mortgage Lenders (CML) said the figure was 7% up from June, and 15% higher than July last year. |
Caroline Offord, a CML analyst, said that mortgage lending remained robust, despite regulatory changes earlier this year to toughen lending criteria. | Caroline Offord, a CML analyst, said that mortgage lending remained robust, despite regulatory changes earlier this year to toughen lending criteria. |
There was a 25% rise in property transactions in the first half of 2014, the CML said. | There was a 25% rise in property transactions in the first half of 2014, the CML said. |
However, Ms Offord said that affordability pressures could start to affect the property market. | However, Ms Offord said that affordability pressures could start to affect the property market. |
"Economic conditions have strengthened, but while the Bank of England has signalled an improved economic outlook since May, headwinds remain," she said. | "Economic conditions have strengthened, but while the Bank of England has signalled an improved economic outlook since May, headwinds remain," she said. |
A rise in interest rates could hit the housing market, although any increase was likely to be "measured and gradual", she said. | A rise in interest rates could hit the housing market, although any increase was likely to be "measured and gradual", she said. |
New rule changes mean lenders must do more checks on borrowers' ability to repay loans, something that was blamed for slowing the number of loans and transactions earlier this year. | New rule changes mean lenders must do more checks on borrowers' ability to repay loans, something that was blamed for slowing the number of loans and transactions earlier this year. |
Net mortgage lending for the first six months of the year reached £10.5bn, which Ms Offord described as a "strong figure" compared to the past five years when the total barely exceeded £10bn for the whole 12 months. | |
"This is a sign of growth in the market and not just churn," she said. | "This is a sign of growth in the market and not just churn," she said. |
The Office for National Statistics said on Tuesday that UK house prices had risen by 10.2% over the 12 months to June to hit a new record high of of £265,000. However, the London average was now almost £500,000. | The Office for National Statistics said on Tuesday that UK house prices had risen by 10.2% over the 12 months to June to hit a new record high of of £265,000. However, the London average was now almost £500,000. |
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