Sharp increase in mortgage lending

Mortgage lending rose sharply in July, figures from the Council of Mortgage Lenders (CML) indicate.

Lending - including remortgaging - rose by £29.2bn in July, up from £28.2bn the previous month and fuelled by a record £14.7bn in loans for house purchases.

However, figures from the British Bankers’ Association (BBA) found banks’ mortgage lending slowed in July.

Lending rose by £5.7bn, lower than the £6.4bn for June but in line with the recent monthly average of £5.8bn.