Mortgage lending in the United Kingdom during May struck its highest ever total for the month, a leading industry body found today.
The Council of Mortgage Lenders (CML) reported that gross mortgage lending during the month totalled £28.7 billion. That was 18 per cent up on April's and nearly 30 per cent higher than in May last year.
It was also the strongest May figure on record and only 0.5 per cent below the £28.9 billion record for a single month seen in July 2004.
The CML noted that lending is typically higher in May than in April, as house buying strengthens during the spring months.
However, it said that even taking into account seasonal factors and the impact of the Easter break on April's figures, the rise in lending in May was very strong.
"Lending has hit record levels in six of the last eight months supported by the strength of the London market, interest in higher priced properties, and strong consumer confidence," said CML director general Michael Coogan.
"We expect demand to moderate later this year, but it looks set to stay robust for the immediate future - although property viewings might be affected by World Cup fever," he added.