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Growth

UK lending rises but still long way to go

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The Adviser

The amount of UK mortgage lending rose in June, data from the Council of Mortgage Lenders (CML) has found.

According to the CML, the amount lent by its members reached £12.3 billion ($25 billion) in June, up from £10.5 billion ($21.3 billion) a month earlier.

However, the rise was mainly the result of the common seasonal increase in moving home and was still 48 per cent lower than in June 2008.

Overall, mortgage lending in the UK has slumped dramatically since the onset of the banking crisis in the autumn of 2007.

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