Equifax Touchstone reported that the Bank of England’s cut in base rate from 0.5% to 0.25% saw a 6.6% increase compared in mortgage sales to the previous month of July.

Relationship manager at Equifax Touchstone, Iain Hill said: “Following the fall in July mortgage figures and the usual trend of decreasing figures in August, it’s a welcome surprise to see a break in the typical slow summer period.”[1]

The Council of Mortgage Lenders (CML) also confirmed that gross mortgage lending is estimated to have hit £22.5bn in August, which is 7% higher than July’s total of £21.5bn[2].

The CML reports year-on-year gross lending rose 15% from the £19.5bn recorded in August last year as well as a month-on-month lending increase. The figure of £19.5bn is the highest figure since August 2007, when lending was at £33.6bn.

[1] V

Interest rate cut drove mortgage sales up during traditional lull

[2] http://www.mortgagesolutions.co.uk/news/2016/09/22/cml-gross-mortgage-lending-rises-august-sentiment-holds-steady/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Daily%20HouseAdvert2&utm_campaignid=249&utm_cmdid=74918