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21/06/2012 17:43:46

Mortgage lending up

Last month, gross mortgage lending increased by almost a quarter in the UK.

According to the Council of Mortgage Lenders (CML) lending in May hit an estimated £12.2 billion, which represented a 24 per cent rise from £9.9 billion in April.

Year-on-year, May figures were up 13 per cent on the same month in 2011, when £10.8 billion was lent.

Commenting on the figures, CML chief economist Bob Pannell suggested it was hard to read into them.

"Mortgage lending continues to seesaw, albeit against a broadly flat market," he said.

"Unfortunately, a number of one-off factors, such as the … Olympics are set to distort market indicators over the coming months and it may be the autumn before we can more accurately gauge the state of the market."

Recent research from Confused.com suggests that the Multiple Occupant Shared Home will become the most common household as people look for ways to get on the property ladder.

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