October 20, 2011 / 8:56 AM / 8 years ago

Gross mortgage lending up 4 percent

LONDON (Reuters) - Gross mortgage lending rose 4 percent on the year to 12.9 billion pounds in September, the Council of Mortgage Lenders said on Thursday, although it said the level of housing market activity was subdued.

The CML said gross lending in the third quarter of this year to 38.6 billion pounds, up 15 percent from the second quarter, and 2 percent higher on the year.

“Both house purchase and remortgage lending appear to have fared well in September, but this is against the backdrop of subdued levels of activity,” said CML chief economist Bob Pannell.

“However, short-term economic prospects for the UK are not favourable. The housing market is very sensitive to wider household confidence, and this seems likely to weaken over the coming months in response to the latest spike in consumer prices and headline unemployment figures.”

Reporting by Fiona Shaikh

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