Gross mortgage lending leaps 21% to five-year high

Last month's figure was 17% higher than the £12.6bn lent in May 2012 and is the highest monthly estimate for gross mortgage lending since October 2008. CML chief economist Bob Pannell said the result could reflect a flood of sales following the spring cold spell: "Funding conditions, helped by the Funding for Lending scheme, continue to look favourable and are supporting more competitive mortgage pricing and availability and a gradual resumption of lenders' risk appetites. "While the direction of travel is clear and fits well with the more positive housing surveys from RICS and others...