U.K. gross mortgage lending increased 24 percent in May from April, data published by the Council of Mortgage Lenders said Thursday.
Lending was estimated at GBP 12.2 billion, up 13 percent from May 2011.
CML chief economist Bob Pannell said, "Mortgage lending continues to seesaw, albeit against a broadly flat market."
"Unfortunately, a number of one-off factors, such as the Diamond Jubilee and the Olympics, are set to distort market indicators over the coming months, and it may be the autumn before we can more accurately gauge the state of the market," Pannell added.
by RTT Staff Writer
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