But lenders attribute strong rise between May and June largely to seasonal factors
Gross mortgage lending rose 17% between May and June, up from £10.5bn to £12.3bn, according to figures released today by the UK's Council of Mortgage Lenders (CML).
But the rise comes from a low base: lending for the month was 48% down from June 2008, when it was £24.8bn.
Gross lending in the second quarter of 2009 was £33.3bn, unchanged from the previous quarter, and the lowest quarterly reading since the first quarter of 2001.
CML economist Paul Samter said the figures were related to the time of year: “The pick-up in June's lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels of the rest of the summer.
“Our forecast for gross mortgage lending of £145bn this year is unchanged,” he said.