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Mortgage lending remains stable in August

Little change in lending as housing market flatlines

Lending by mortgage brokers has stabilised reflecting the wider malaise in the housing market. The Council of Mortgage Lenders (CML) estimate that £12.6 billion worth of mortgage loans were approved in August, down slightly on July (£12.7 billion). This is not unusual as August is traditionally a quiet month for the housing market especially this year which included the distraction of the Olympics. Worryingly August 2012 saw a reduction in lending compared with the previous when an additional £500 million worth of mortgages were approved.

CML chief economist Bob Pannell comments:

“House purchase activity continues to be a little above year-earlier levels, but the housing numbers are far from strong.

“We expect to see stronger take-up of NewBuy over the coming months, helped by a concerted marketing effort by builders and the recently launched Funding for Lending Scheme, which has prompted reductions in NewBuy mortgage rates. Both factors should stimulate buyer interest.”

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