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Mortgage lending still strong

Thu, 20 Jul 2006

Mortgage lending continues to be strong, reaching a record high in June, with remortgaging levels continuing to rise.

Around £332.2 billion was lent for mortgages last month, which constitutes an increase of around £7 billion from last year, according to latest figures from the Council of Mortgage Lenders (CML).

The figures states that first-time buyers and an increase in the number of people remortgaging their property led to the increased level of lending.

Michael Coogan, director general of the CML, said: "Record levels of lending have been achieved in nine of the past twelve months. Today's figure reflects the seasonal rise in house buying, strong house price growth and high levels of remortgaging activity.

"The level of mortgage approvals shows that demand for houses and remortgages remains strong, so we expect to see continued robust lending during the summer months."

The news follows data released by the British Bankers' Association that June's figures for mortgage lending continue to suggest an upward rise.

There was an approximate £5.6 billion rise in mortgage lending when compared to the previous year, new data suggests.

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