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Mortgage lending is now at its highest for seven years

By Roger Baird

Mortgage lending jumped to a seven-year high last month as home buyers shook off uncertainty around May's general election, according to new figures.

The Council of Mortgage Lenders (CML), which represents major banks and building societies, said mortgages lifted by 29% to an estimated £20.5bn in June, compared with the month before - marking a 15% rise on a year earlier.

This was the highest June total since 2008.

Housing market experts and housebuilding firms believe many people planning to buy or sell a home put their plans on hold while they waited for the outcome of the general election.

Mortgage lending in the second quarter of the year lifted 17% to £52.2bn compared with the previous quarter.

That's a modest 1% increase on the same period a year ago, according to the CML.

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