June UK Mortgage Lending

The Council of Mortgage Lenders, a collective club of UK lenders announced on Thursday 21st July the total lending in June.

https://www.cml.org.uk/news/press-releases/gross-mortgage-lending-climbs-in-june/

The Council of Mortgage Lenders’ members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK

Total loan advances reached £20.7bn

Now we can do some simple and crude calculations on the number of properties in June, that were financed by mortgages.

Total lending = £20.7bn = £20,700 Million

if say the average of a UK house is £282,000 and the average deposit is perhaps 10% which is £28,200, then the mortgage needed is £282,000 – £28,200 = £253,800

So £253,800 = £0.253800 Million

Then total fund of £20,700 million of mortgages divided by average mortgage of £0.2538 million

= 81,560

Thus in June 81,560 homes were financed by mortgages.

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