Mortgage lending still increasing

More news from Dibben and Dibben. As widely reported in the UK national press this week - mortgage lending continues to rise, according to the latest figures from the Council of Mortgage Lenders (CML). Gross lending in July stood at £16bn, 26% higher than in June, though still more than a third lower than in July last year. Mortgage lending, house sales and property prices have all picked up in the past few months after a dramatic slump caused by the banking crisis.

Typically, would-be borrowers now have to put down an average deposit of 25% if they want to take out a mortgage. The latest "Trends in Lending" report, from the Bank of England, said there had been little sign of this rationing of the home loan market easing up.

"In line with rising mortgage approvals, gross lending for house purchase has continued its recovery since the beginning of the year, but remortgaging activity remains very subdued," the Bank said in its August report.

"The major UK lenders reported that over the past month there had been no further increase in their appetite to lend at high loan-to-values (LTVs)," it added.

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