Gross mortgage lending at £21.4 billion in July

The Council of Mortgage Lenders (CML) has announced that gross lending as static in July at £21.4 billion. The figure is down 0.4 per cent from June’s £21.5 billion and down 1 per cent year-on-year from £21.6 billion.

CML Chief Economist Bob Pannell says: “Indicators are likely to provide truer readings of market conditions the further we move away from the distorting effects of April’s stamp duty change. “The subdued nature of property transactions and mortgage lending in July are consistent with a less positive backdrop for house purchase activity post-referendum. “The Bank of England expects stronger economic headwinds to build as we move into 2017, and the Monetary Policy Committee’s package of monetary policy measures represents a spirited effort to lean against these on a timely basis.”