Mortgage Lending Increases 7% In August

Mortgage lending in the UK increased month-on-month in August, as fears over the fallout from the Brexit vote on the housing market proved to be "wide of the mark”, the industry body for bank and building societies said. Gross mortgage lending increased by 6.8% in August to an estimated £225.5bn, from July’s £21.1bn, the Council of Mortgage Lenders (CML) said. With mortgage lending growing 15.1% year-on-year, the highest August number since 2007, economists said this undermined the belief that UK house prices would decline in the coming months. Read more on the CML website.