Gross mortgage lending in UK up over £20bn in June

UK-Houses-Home-Mortgage-lendingGross mortgage lending in the UK reached over £20 billion in June, around 16% higher month on month lending total of over £17 billion, and 3% higher year on year. According to the Council of Mortgage Lenders’ data, this is the highest June figure in eight years when gross lending reached over £22 billion.

CML senior economist Mohammad Jamei, says: “The EU referendum result is possibly to affect the housing market, but there remains considerable uncertainty. Although mortgage firms have plenty lending capacity, activity levels are likely to bear the impact 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.”

John Goodall, CEO of peer to peer platform Landbay, says: “The market has been fluctuating since the Stamp Duty change at the start of 2016, but while the mortgage market continues to find its new normal, its foundations continue to show strength. The long term effects of the Brexit vote on market activity are yet to be seen, but it’s clear that the UK’s housing shortage will remain the essential issue in defining the future health of the sector.”

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