Gross mortgage lending held steady in May and was an estimated £16.5 billion, according to the Council of Mortgage Lenders (CML).

This is identical to April’s gross lending total and is 12% higher than May last year (£14.8 billion).

CML chief economist Bob Pannell commented: "Market indicators point to a slowdown in activity levels, in part associated with new mortgage rules, but it is unclear how lasting this will be.


"Implementation of the new regulatory regime is likely to have disrupted the normal patterns of activity, creating statistical 'fog' around the published figures. As this lifts over the coming months, a clearer picture as to any lasting impact of the MMR rules on lending activity should emerge."

(CD/IT)