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moonriver

Cml Gross Mortgage Lending Up 12% In May

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http://www.mortgagestrategy.co.uk/economy/gross-mortgage-lending-up-12-in-may/1033063.article

Gross mortgage lending up 12% in May

Gross mortgage lending increased by 12% in May compared to the previous month, Council of Mortgage Lenders’ figures show.

Gross lending totalled an estimated £11.3bn in May, up from £10.1bn lent in April and 1% higher than in May 2010.

The increase represents a bounce back after a 14% drop in April blamed on the Royal Wedding and Easter holidays.

The data includes lending for both house purchase and remortgage.

Despite a modest pick-up in overall lending activity during May, lending for house purchase is running below year earlier levels – as April Bank of England approvals data indicate.

Looking ahead, interest in remortgaging is now also likely to be less pronounced, as expectations of higher interest rates this year recede.

The Monetary Policy Committee once again kept rates unchanged at its June meeting – for the 27th successive month.

Michael Coogan, director general of the CML, says: “Gross mortgage lending in May recovered after low activity levels in April.

“Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months.”

But it sounds like they are not sure this up 12% is quite the big "up" it appears to be, due to "distorting effects."

Although I wouldn't be surprised if we still see some ramping, on the back of these figures.

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But it sounds like they are not sure this up 12% is quite the big "up" it appears to be, due to "distorting effects."

Although I wouldn't be surprised if we still see some ramping, on the back of these figures.

No YoY figure? how very odd... :rolleyes:

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Same story, but interestingly this article mentions an expectation of "modest falls" in the months ahead.

http://www.rttnews.com/Content/EuropeanEconomicNews.aspx?Node=B2&Id=1649525

U.K. Gross Mortgage Lending Increases In May: CML

(RTTNews) - British gross mortgage lending increased 12 percent in May from the previous month to GBP 11.3 billion, data published by the Council of Mortgage Lenders showed Monday. It was 1 percent higher than in May 2010.

Gross mortgage lending comprises lending for both house purchase and remortgage. Although overall lending showed pick up in activity in May, it stayed below year earlier levels.

Going forward, CML said interest in remortgaging is also likely to be less pronounced, as expectations of higher interest rates this year recede.

CML director general Michael Coogan said, "Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months."

As squeezed purchasing power, tightening fiscal policy and the possibility of gradually rising interest rates before the end of this year weigh down on potential buyers, IHS Global Insight's economist Howard Archer expects modest falls in house prices over the months ahead.

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No YoY figure? how very odd... :rolleyes:

:rolleyes: Yes indeed.

any idea what those YOY figures will be now?

Come on guys, pay attention.

So great is the VIs conspiracy that the numbers are clearly stated in the article: "1% higher than in May 2010."

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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