By Daniel Hunter
The Council of Mortgage Lenders (CML) estimates that total gross mortgage lending in June increased to £15 billion, representing a rise of 2% from £14.7 billion in May and 26% higher than the total of £11.9 billion in June 2012. This is the highest monthly estimate for gross lending since October 2008.
Gross lending for the second quarter of 2013 was therefore an estimated £42 billion. This represents a 24% increase from the previous three months and is the highest quarterly estimate since Q4 2008.
"Improvements in the cost and availability of mortgage credit are underpinning a meaningful recovery in the housing market. In recent months, we have seen the strongest performance for mortgage lending since 2008," CML chief economist Bob Pannell said.
"However, although the pace of first-time buyer activity is approaching a quarter of a million per annum, it is worth bearing in mind that this is still barely half of activity rates a decade earlier, and so far below what might be considered normal levels."
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