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Gross mortgage lending 'rose in June'
Levels of gross mortgage lending in the UK rose during June, according to new research from the Council of Mortgage Lenders (CML).
The organisation's latest figures have revealed that lending rose by 15 per cent over the month to reach an estimated £13.1 billion.
In addition, gross lending in the second quarter of 2010 reached an estimated £35 billion, which was up 17 per cent from the figure recorded in the first three months of this year.
Paul Samter, an economist at CML, said the rise in June represented "a seasonal pick-up" but still showed that activity remains low.
"There are signs of house prices stabilising and more properties coming onto the market following the abolition of home information packs," he explained.
"This may improve liquidity in the market, but transaction levels are subdued and likely to remain so while access to credit remains constrained."
Earlier this month, figures from the CML showed that borrowers who moved in May saw their mortgage interest payments account for the lowest proportion of their income in 35 years.