Total gross mortgage lending climbed by 21% between April and May.
- Gross mortgage lending in May was £14.7 billion
- This is an increase from £12.2 billion in April
- The 21% rise took mortgage lending to be the highest since October 2008
The amount of money lent to homebuyers in May rose by 21%, according to recent figures from the Council of Mortgage Lenders (CML).
May’s Market Commentary revealed total gross mortgage lending was £14.7 billion, rising from £12.2 billion in April.
These figures also represent a 17% increase from May 2012, when the total amounted to £12.6 billion.
CML Chief Economist Bob Pannell said: “Funding conditions, helped by the funding for lending scheme, continue to look favourable and are supporting more competitive mortgage pricing and availability and a gradual resumption of lenders’ risk appetite.”
The findings from CML showed the total amount lent out in May was the highest monthly estimate since October 2008, revealing a positive outlook for the property market in the UK.
Last month’s figures revealed mortgage lending climbed by 4% between March and April; despite the huge rise from April to May, Mr Pannell said at the time, April was “one of the strongest months for lending activity since late 2008”.