August mortgage figures continue July's trend of bettering pre-recession totals, helped by the government's Funding for Lending scheme
There were no signs of a summer lull in the housing market, with mortgage lenders reporting the value of home loans was up by 28% year-on-year in August.
Gross mortgage lending reached an estimated £16.6bn during the month, almost identical to the £16.7bn recorded in July, which was the highest figure since October 2008.
The Council of Mortgage Lender's chief economist, Bob Pannell, said it was the beginning of a "healthy and broad-based recovery in mortgage lending activity", fuelled by improvements in funding for banks and buildings societies.
The government's Funding for Lending scheme, launched in August 2012, has been one factor, enabling lenders to access low cost funds and make mortgages available at higher loan-to-values.
In January, the Help to Buy mortgage guarantee scheme is also set to come into place, to encourage the return of 95% mortgages.
Article Source : http://www.guardian.co.uk
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