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Gross mortgage lending was £22.5 billion during the month of August, 7% up on July ( £21.1 billion).
CML's senior economist, Mohammad Jamei comments:
"Widely voiced fears in recent months about the housing market have proved to be wide of the mark. Prospects for house purchase activity post-referendum look slightly subdued, when compared to late 2015 and early 2016. However, sentiment in the market recovered in August. This is reflected in stronger-than-expected transaction figures, and in our gross lending estimate.
This recovery in sentiment is likely to be down to a number of different factors, including the Bank of England’s monetary stimulus and its introduction of the Term Funding Scheme in August. A subsequent uptick in approvals is anticipated, albeit still at levels lower than earlier this year as affordability constraints and lack of properties on the market for sale continue to bear down on borrowers. The Bank also continues to indicate another rate cut on the cards, if medium term prospects remain unchanged."
The August 2016 figures are 15% higher than August 2015 (£19.5 billion), The last time this figure was surpassed for August was August 2007 (£33.6 billion)
CML's senior economist, Mohammad Jamei comments:
"Widely voiced fears in recent months about the housing market have proved to be wide of the mark. Prospects for house purchase activity post-referendum look slightly subdued, when compared to late 2015 and early 2016. However, sentiment in the market recovered in August. This is reflected in stronger-than-expected transaction figures, and in our gross lending estimate.
This recovery in sentiment is likely to be down to a number of different factors, including the Bank of England’s monetary stimulus and its introduction of the Term Funding Scheme in August. A subsequent uptick in approvals is anticipated, albeit still at levels lower than earlier this year as affordability constraints and lack of properties on the market for sale continue to bear down on borrowers. The Bank also continues to indicate another rate cut on the cards, if medium term prospects remain unchanged."
Read more - CML report late summer lending surge
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Mortgage lending climbed in August, says CML > client @SPFPrivClients comments https://t.co/KwCOEW5rrD
— Melanie Bien (@melaniebien) September 22, 2016
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