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CML: Mortgage lending at all-time record

21 September 2006
According to figures from the Council of Mortgage Lenders (CML), overall gross mortgage lending in the UK rose to a new all-time high of £32.7 billion in August.

The new figure for last month represents an increase of over seven per cent on July's figure of around £30 billion and is 21 per cent higher than the £26.9 billion from August 2005.

August's lending news represents a return to type for overall mortgage lending figures after the gross total dropped between June and July earlier this year.

"Record lending in August reflects the rise in mortgage approvals during the early summer, combined with increasing house prices," said CML director general Michael Coogan.

"The strength of the London market is also a factor - with property values and mortgage sizes substantially higher than in other parts of the country."

Mr Coogan added that the CML also expected to see this trend continuing over the coming months due to the continued rise of house prices, coupled with escalating demand for home purchases.

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