Although lower than the figure lent in June and July (£20.1bn and £21.7bn) it represents a 12% increase on the £17.8bn lent in August last year.

Bob Pannell, chief economist at the CML, said: “Mortgage lending is currently enjoying its best spell since 2008 on the back of a pick-up in house purchase and remortgage activity over the summer months.

“August’s lending of £20bn marks the third month in a row of strong year-on-year growth and is the highest August figure since 2007.

“We expect further modest growth for the rest of the year, although affordability pressures are likely to limit gains for first-time buyers and home movers.”

Extracted from Property Industry Eye

Written By Charlie Stong |