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Gross mortgage lending increases 14% year-on-year

Gross mortgage lending reached £18.2bn in May, the latest figures from the Council of Mortgage Lenders (CML) reveal.

Lending was 4% higher than the £17.6bn recorded in April, and 14% higher than May 2015 when lending hit £16bn, and the highest May figure since 2008 when gross lending reached £23.7bn.

Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei said: “As expected, lending continued to be somewhat dampened in May, reflecting the earlier rush in the first quarter to beat the stamp duty change on second properties.

“Looking ahead, there is likely to be considerable uncertainty as a result of the EU referendum decision. We expect this to affect sentiment and reduce activity below levels that would otherwise be expected in the near term, as both buyers and sellers adopt a wait-and-see attitude until the dust begins to settle. Market fundamentals underpinning house prices still look sound, and we do not expect significant house price falls, especially given the current supply demand imbalance.”

Gross mortgage lending, not seasonally adjusted  
      Total    
      £m    
Year          
2005     283,452    
2006     340,931    
2007     356,802    
2008     247,805    
2009     140,573    
2010     133,807    
2011     138,257    
2012     144,512    
2013     177,715    
2014     203,384    
2015     219,834    
           
Quarter          
2013 Q1   34,055    
  Q2   42,355    
  Q3   49,815    
  Q4   51,489    
2014 Q1   46,211    
  Q2   51,497    
  Q3   54,982    
  Q4   50,695    
2015 Q1   44,582    
  Q2   52,035    
  Q3   61,217    
  Q4   61,811    
2016 Q1   62,526    
           
Month          
2015 May   16,015    
  Jun   20,067    
  Jul   21,605    
  Aug   19,545    
  Sep   20,067    
  Oct   21,767    
  Nov   20,389    
  Dec   19,655    
2016 Jan   18,424    
  Feb   17,919    
  Mar   26,184    
  Apr   17,562    
  May est 18,200    
est=estimated        

Source: CML

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