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Mortgage lending near 12-month high

Mortgage lending was up nearly 16 per cent in June, at the highest level for nearly 12 months according to figures.

Some £12.8bn was lent during the month, up from £10.8bn in May and the highest level for any month since July 2010, data from the Council of Mortgage Lenders showed.

However this was still 3 per cent lower than June 2010, the CML said.

Mortgage advances have increased by 11 per cent to £33.5bn over the last three months, in comparison to the first quarter, but this figure is still down 3 per cent on the same period last year, it said.

Bob Parnell, CML chief economist, said buyers were remaining cautious due to the uncertain economic outlook.

However he attributed the rise in lending partly to an increase in landlord activity in the buy-to-let market and strong demand for rental property.

Copyright © Press Association 2011

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