Gross mortgage lending reached £17.5bn in June, the Council of Mortgage Lenders has estimated, as the trade body admitted the Mortgage Market Review is impacting the lending market.
Overall, the pace of lending growth has slowed comparatively, CML said.
Bob Pannell, chief economist at CML, warned that that this month’s figures could “reinforce April’s Mortgage Market Review in topping the UK towards a more conservative lending environment”.
The latest statistics represented an increase 4 per cent higher than May’s figure of £16.8bn. It was also 17 per cent higher than in the £14.9bn in June last year, and the highest monthly figure since the £17.6bn recorded in October 2013.
As a result of new figures, gross mortgage lending for the second quarter of this year was an estimated £50.8bn, representing a 10 per cent increase from the first three months of this year.
The research also revealed a 21 per cent increase in gross mortgage lending on the figure for the second quarter of 2013, which was £41.9bn.
Mr Pannell said: “It is difficult to gauge the short-term direction for house purchase activity and mortgage lending more generally, given unknown regulatory impacts and uncertainty as to when the first in a series of interest rate increases will take place.”
Last month, FTAdviser reported that the number of loans to first-time buyers stayed stable in April compared with the previous month, supporting newly published data that the MMR and property supply are succeeding in slowing down the housing market.
