By Marcus Leach
Mortgage lenders have warned that despite a rebound in May activity in the mortgage market is set to remain flat over the coming months.
Gross mortgage lending in May was up 12% on April's figures, with lending for the UK estimated at £11.3 billion according to the Council of Mortgage Lenders (CML) said.
This May's figures were also up for for the same time last year, albeit only by 1%. However, the CML said activity will remain subdued for house buyers with no siginificant upturn expected anytime soon.
"Lending in May recovered after low activity levels in April," said CML director general Michael Coogan.
"Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months."
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