Gross mortgage lending 10pc stronger than year ago

CML chief economist Bob Pannell said: "Much of the recent variation in monthly lending figures appears to have reflected seasonal factors, with the underlying picture being one of activity levels that continue to be subdued but broadly stable.

"The August performance more or less offset the weaker than expected July figure. Taking July and August together, lending has shown little change on the same month of 2009 and 2010."

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