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Wealth

Gross mortgage lending up 7 percent

Housing developers' signs are attached to a lampost in Leicester, central England February 17, 2009. REUTERS/Darren Staples

LONDON (Reuters) - Gross mortgage lending in Britain rose 7 percent year-on-year in June to 13.1 billion pounds, the Council of Mortgage Lenders said on Tuesday.

That left gross lending between April and June at 35 billion pounds, up 7 percent on the same period a year ago. Lending in the first six months of this year, however, was flat compared with a year ago at 65 billion pounds, the CML said.

The figures reinforce other recent data suggesting last year’s recovery in the housing market may be tailing off.

“Our gross lending estimate of 13.1 billion pounds in June represents a seasonal pick-up and is higher than June last year, but is still indicative of low levels of activity,” said CML economist Paul Samter.

“There are signs of house prices stabilising and more properties coming onto the market following the abolition of home information packs. This may improve liquidity in the market, but transaction levels are subdued and likely to remain so while access to credit remains constrained,” he said.

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