July house purchase lending up on a year ago for first time in over two years

Although remortgaging remained unsurprisingly weak, lending for house purchase showed its first material annual growth in July for the first time since early 2007, according to the latest Council of Mortgage Lenders’ survey.

At £14.5 billion, total gross lending rose significantly for the second month running, but was still 42% lower than in July last year. Within this, house purchase lending accounted for 56,000 loans totalling £7.5 billion – up from 47,000 loans totalling £7.1 billion in July last year.

Source: Council of Mortgage Lenders

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