21
Jul
Increase in mortgage lending 'good news for property industry'
Estate
agents in the UK will be happy to hear that there has been an
increase in gross mortgage lending last month, as this shows
positive signs for the property industry.
According to the Council of Mortgage Lenders (CML), home loan
lending increased by 15 per cent from May - a rise to £13.1
billion from £11.4 billion.
This also represents an increase of seven per cent since June 2009,
when £12.2 billion was lent.
CML economist Paul Samter said that this rise shows more than just
"seasonal pick-up".
"There are signs of house prices stabilising and more properties
coming onto the market following the abolition of home
information packs
Mr Samter added that "this may improve liquidity in the market",
which will come as good news to estate agents trying to sell
properties to prospective buyers.
This comes after the CML announced that house purchase lending rose
in May by two per cent in volume and three per cent in value
compared with April's figures.