11 August 2014

Gross lending in the third quarter of 2009 was an estimated 38.9billion, an 18% increase from the second quarter and down 36% from the third quarter of last year.

Behind the modest improvement from August to September and the relative stability of recent months is the balance between the types of lending taking place - there has been a pick up in house purchase activity, but this is off-set by the decline in remortgaging.

CML economist Paul Samter said: "House buying activity

"But there are some positive signs to look to. While the retail side, both in terms of mortgage and savings activity, has thrown up few surprises, it is encouraging that the wholesale markets have begun to thaw. Some of the UK's highly-rated institutions have been able to issue structured finance products backed by mortgages in recent weeks.

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