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Mortgage lending highest since 2008

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Mortgage lending across the UK in July was at its highest level for seven years, according to the Council of Mortgage Lenders (CML).

Home-owners borrowed a total of £22bn in the month, the highest amount since July 2008.

The CML said total mortgage lending for the year was likely to hit £209bn, which would mean a 3% increase on 2014.

It also said it expected lending to pick up in the second half of the year, following “subdued activity” earlier.

“We expect lending activity in the rest of the year to be underpinned by improving economic fundamentals, but kept in check as any upward pressure on house prices further stretches affordability for some buyers,” said CML economist Mohammed Jamei.

The total amount of money lent naturally gets bigger as house prices rise, and home-owners need to borrow more.

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