U.K. mortgage lending hits £13.4B in August, a two-year high, reports Council of Mortgage Lenders; market considered subdued but stable

LONDON , September 20, 2011 () – Mortgage lending in Britain notched a two-year high in August but that did little to lift spirits in the housing market.

The Council of Mortgage Lenders said Tuesday that lending of 13.4 billion pounds ($21 billion) was the highest monthly figure since July 2009, when it reached 14 billion pounds.

However, the council's chief economist, Bob Pannell, said the August total did little more than offset a weaker-than-expected lending figure in July.

He describes Britain's housing market as subdued but broadly stable. Pannell says there have been no signs of significant drops in house prices, in part because of the low numbers of new home construction or forced sales.

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