Mortgage lending hits highest level since October 2008

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The Council of Mortgage Lenders (CML) has today announced that recent mortgage lending in now the highest its been in almost 5 years, and both I and the local property market can certainly confirm this with record numbers of sales and mortgage applications.

The CML estimates that total gross mortgage lending in May increased to £14.7 billion, representing a rise of 21% from £12.2 billion in April and 17% higher than the total of £12.6 billion in May 2012.

This is the highest monthly estimate for gross mortgage lending since October 2008.