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Thursday, July 21, 2016

CML lending data positive for June

The Council of Mortgage Lenders have released a positive lending outlook for June.

The CML estimate lending during June will reach £20.7 billion, up 3% on June 2015 and the highest level of June lending since 2008.

The June lending estimate moves up by 16% on May's sluggish £17.8 billion.

This will bring Q2 total lending to £56.1 billion, up 8% on Q2 2015

CML's senior economist Mohammad Jamei comments:

"The result of the EU referendum is likely to affect the housing market, but there remains considerable uncertainty. Although mortgage firms have ample lending capacity, activity levels are likely to bear the brunt of any market adjustment over the next six months or so, as buyers and sellers wait to get a clearer idea of where we might be headed.

But as with the economy, the UK housing market’s starting position is relatively favourable, with transactions having increased by almost 80% from post-crisis lows. Over the next six months, activity is likely to soften modestly, while lending will be driven more by remortgaging and less by house purchases.

We also expect some form of monetary easing to be undertaken by the Monetary Policy Committee when it meets on 4 August, given the uncertain outlook that has set in after the vote result."

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