Gross mortgage lending held steady in August and was an estimated £16.6 billion, according to the Council of Mortgage Lenders. This is almost identical to July’s gross lending total of £16.7 billion and is 28% higher than August last year (£13 billion).

CML chief economist Bob Pannell said, "We are beginning to experience a healthy and broad-based recovery in mortgage lending activity. We attribute much of this turnaround to the improvement in funding markets generally, and also to the Funding for Lending Scheme. The Bank of England’s approvals data suggests that the positive tone for house purchase and re-mortgage lending will continue.”