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There has been a rise in gross mortgage lending over the past 12 months, latest figures have revealed.

Data from the Council of Mortgage Lenders (CML) shows that lending stood at £13.4 billion in August, marking a rise of six per cent compared to the previous month.

Compared to statistics from August 2010, this illustrates a rise of ten per cent.

CML chief economist Bob Pannell revealed that recent figures show that mortgage activity has largely been affected by seasonal factors, "with the underlying picture being one of activity levels that continue to be subdued but broadly stable".

Although figures were weaker than expected in July, Mr Pannell believes the strong statistics recorded in August have helped to level the market out.

First direct recently suggested that homeowners can pay off their mortgage faster by renting out a room in their home and taking advantage of tax-free income.