CML: Two-speed mortgage market in August

And while this is still significantly lower than the August average in the seven years before the credit crisis of 100,000 loans, it is more than twice the level of activity at the start of the year.

There were 19,200 loans to first-time buyers and 33,400 loans to home movers.

House purchase activity, worth £7.2billion in August, accounted for its largest share of total mortgage activity since 2002.

At £12.3billion, gross mortgage lending – which encapsulates all mortgage lending activity including house purchase, remortgage, and buy-to-let lending – declined 36% from August 2008.

Have your say on this story using the comment section below