But lenders attribute strong rise between May and June largely to seasonal factors
Gross mortgage lending rose 17% between May and June, up from 拢10.5bn to 拢12.3bn, according to figures released today by the UK's Council of Mortgage Lenders (CML).
But the rise comes from a low base: lending for the month was 48% down from June 2008, when it was 拢24.8bn.
Gross lending in the second quarter of 2009 was 拢33.3bn, unchanged from the previous quarter, and the lowest quarterly reading since the first quarter of 2001.
CML economist Paul Samter said the figures were related to the time of year: 鈥淭he pick-up in June's lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels of the rest of the summer.
鈥淥ur forecast for gross mortgage lending of 拢145bn this year is unchanged,鈥� he said.
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