Mortgage Lending Up By Nearly A Third

Mortgage lending was up by 29% in July compared to the same month last year, new figures show.

The Council for Mortgage Lenders (CML) said that total gross lending increased to £16.6bn in July, up from £14.8bn in June.

It is the highest monthly estimate since before the financial crisis hit, with lending pitched at £18.6bn in October 2008.

CML market and data analyst Caroline Purdey said: "An improvement in sentiment and activity continues to show in the UK housing and mortgage markets, with a more positive picture also starting to emerge in the economy.

"Our forward estimate of gross mortgage lending in July reinforces a growing evidence base of a strengthening in the housing and mortgage markets."

The lift follows Government initiatives to boost the housing market, which include the Funding for Lending and Help to Buy schemes.

Persimmon also announced strong results on the same day as the CML figures.

The housebuilder's pre-tax profit jumped by 40% to £135m in the first six months of 2013.

Bovis Homes previously reported its half year profits rose by 19% to £18.6m, with average prices up 15% to £188,500.

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