Summer Rise In Mortgage Lending

More good news for the property market was annouced today as The total amount of UK mortgage lending rose sharply in June compared with the previous month, according to lenders. The amount lent by members of the Council of Mortgage Lenders (CML) reached £12.3bn in June, up from £10.5bn a month earlier. The rise however was mainly the result of the common seasonal increase in moving home and the figure was still some 48% lower than in June 2008.

There have been some signs of greater interest from home buyers recently, and the CML's estimated gross lending figure is the highest of any month this year. "The pick-up in June's lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer," said CML economist Paul Samter. Mr Samter said that the mortgage market had shrunk in terms of both the number of lenders offering home loans, and the actual number of these loans on offer.

Some brokers believe that a supply of more affordable loans, with lower deposits, could bring back interest from buyers.

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