Growth

UK lending rises but still long way to go

By Staff Reporter• Tuesday, 21 Jul 2009•2 min read

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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.

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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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