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20th Oct 2009
Gross Mortgage Lending up 2%
Gross mortgage lending totalled an estimated £12.5bn in September, a 2% rise from the £12.3bn in August but down 27% from September 2008, show the latest figures from the Council of Mortgage Lenders.
Gross lending in Q3 of 2009 was an estimated £38.9bn, an 18% increase from Q2 and down 36% from Q3 of last year.
There has been a pick up in house purchase activity, but this was off-set by the decline in remortgaging.
Paul Samter, economist at the CML, says: “House buying activity is running at considerably higher levels than around the turn of the year.
“However, it remains weak on any historic comparison and is unlikely to rise much further given the constraints the lending community faces and a still difficult economic backdrop.
“But there are some positive signs to look to. While the retail side, both in terms of mortgage and savings activity, has thrown up few surprises, it is encouraging that the wholesale markets have begun to thaw.
“Some of the UK’s highly rated institutions have been able to issue structured finance products backed by mortgages in recent weeks. This is only an early sign of wholesale investors tentatively coming back into the new issuance market, but is welcome nonetheless.”
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