Figures from the Council of Mortgage Lenders show in the month of May gross mortgage lending hit a record high. Lending in May reached £30.6 billion which is up 12% on the figures for April. These figures are in contrast to figures from the Building Societies Association, which stated new home lending fell by 17% in May.
Further figures released today also show that annual money supply growth increased in May to 13.8% from a figure of 13.3%. This raise in money supply will put pressure on the Bank of England to raise rates next month.
From minutes from the Bank of England’s Monetary Policy Committee it showed that the vote to hold rates this month was 5 to 4 in favor. This close vote gives a further indication that there may be a further rate rise sooner rather than later, which has been forecast by many financial pundits.
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