Mortgage lending has recovered to its highest level since the end of the housing boom. Members of the British Bankers’ Association lent £5.1 billion more in mortgages than was repaid last month, the most since July 2004. Building societies also had a strong month, lending a fifth more than in November last year. The Building Societies Association said mortgage approvals had risen again. Combining the two the Council of Mortgage Lenders (CML) recorded gross lending of £28.5 billion last month, up from £27 billion in October. Over 12 months total lending is up 31%. CML director general Michael Coogan said: “Our expectation for the coming year is of relatively subdued transaction levels, mortgage lending moderating and house prices rising by about 2%” Times