Bounceback for mortgage lending

Mortgage lending bounced back during May but is expected to remain subdued for the rest of the year, research yesterday revealed.

About 42,000 loans were extended to home buyers during the month - 2 per cent more than in April when lending levels dipped by 9 per cent, according to the Council of Mortgage Lenders.

But the May figure was still down on the recent high of in December when people rushed through transactions before the stamp duty holiday ended.