/24-7PressRelease/ - LONDON, UK, August 25, 2006 - The Council for Mortgage Lenders (CML) has revealed that mortgage lending market continues to flourish despite the recent interest hikes by Bank of England. According to the figures recorded last month, the month of July showed gross 30 billion lending, the highest figure ever. However, this was 6% lower as compared to lending figures for June; yet it was 19% higher than previous year.
According to the latest figures issued by the Council for Mortgage Lenders, mortgage lending market continues to be on a boom. Figures for July this year have surfaced to show 3 billion gross lending, the highest July figure yet recorded.
It has emerged that demand for mortgages are growing constantly, as is clear from separate figures by the British Bankers Association (BBA), according to which, in July, mortgage lending rose by a whooping 5.7 billion.
"The robust nature of mortgage lending continues, with recent monthly increases not far short of the movements seen when lending peaked in 2003-04," said BBA's David Dooks.
It seems that the rise in interest rates has not discouraged people to go for mortgages. But CML says that mortgage lending may fall if the interest rates experience another rise.
The director general of Council for Mortgage Lenders Michael Coogan cited "Bank of England approvals data shows that there is a strong appetite among borrowers for remortgages and other types of loan."
"With financial markets suggesting the possibility of at least one more rate rise before the end of the year, we expect to see more subdued lending over the coming months."
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