UK's Mortgage Lending Increases In July: CML

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Monday, the Council of Mortgage Lenders' survey found that lending for house purchases in the UK showed material annual rise in July for the first time since early 2007.

House purchase lending grew 6% in July from the prior year to GBP 7.5 billion. Total gross lending rose to GBP 14.5 billion. The number of house purchase loans totaled 56,000, while the number of remortgage loans stood at 41,000.

"The overall lending picture is likely to stay relatively subdued for some time, especially as the wider economy is far from robust as yet," CML economist Paul Samter said.

Monday, the Council of Mortgage Lenders' survey found that lending for house purchases in the UK showed material annual rise in July for the first time since early 2007. (Market News Provided by RTTNews)