July’s total was 7% higher than the figure for the preceding month (£17.9bn) and 15% more than in July last year (£16.7bn). It was also the highest monthly figure since August 2008 (£19.3bn), and came just three months after the introduction of new rules on lending as a result of the mortgage market review (MMR).
Data shows that activity since the MMR was introduced in April has remained robust, although the longer term impact of the new rules is still uncertain.
Property transactions in the UK in the first half of this year were 25% higher than in the same period in 2013.
Writing in the latest issue of its News & Views publication, the CML says: “It is possible, however, that growing affordability pressures could begin to dampen down this trend.
“Tomorrow, we are due to publish the first quarterly data since the introduction of the MMR on lending in Scotland, Wales, Northern Ireland and London.
“As with our data for the UK as a whole, tomorrow’s figures will give an early insight into any regional effects of the MMR changes, but the full picture will not be clear for some time.”
