By Marcus Leach

Gross mortgage lending was an estimated £13.4 billion in August, a 6% rise from £12.6 billion in July and a 10% increase from £12.1 billion in August 2010, according to data published today by the Council of Mortgage Lenders (CML).

This is the highest monthly total since July 2009 (£14 billion) and the highest monthly total for August since 2008 (£19.3 billion).

"Much of the recent variation in monthly lending figures appears to have reflected seasonal factors, with the underlying picture being one of activity levels that continue to be subdued but broadly stable," CML chief economist Bob Pannell said.

"The August performance more or less offset the weaker than expected July figure. Taking July and August together, lending has shown little change on the same months of 2009 and 2010."

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