The council of mortgage lenders have just put out their latest gross lending numbers for May.
The CML took some comfort from the monthly change. Lending for house purchases increased marginally from April to May. The number of loans stood at 52 thousand, which was about 4 percent higher than April. In terms of value, lending was about 2 percent up in May relative to the previous month.
Relative to last year, the numbers were horrible. Lending, both in terms of total value and numbers of loans were 44 percent lower than May last year.
Does a two percent monthly increase signal a recovery? Or should we pay more attention to the year on year collapse?