Housing market boost as mortgage lending rises
The total mortgage lending in July rose by five per cent to an estimated £13.6 billion, new figures from the Council of Mortgage Lenders (CML) have revealed.
Such news could be positive for Brits who have invested in a bespoke conservatory or folding sliding doors to help make their home more attractive to buyers.
However, the total lending was down three per cent from the £14 billion seen in July 2009, showing that the market has not yet reached normality.
The organisation suggested that lending is still on track to meet its revised forecast of £140 billion for the year, which was published earlier this month.
CML economist Paul Samter explained that the market is likely to be slow for the remainder of 2010, with low lending and transaction numbers in comparison to last year.
"Late 2009 saw a pick-up as some home buyers looked to move before the end of the first stamp duty holiday," he said.
However, he noted that the majority of households continue to pay their mortgages in full every month and have benefited from the low interest rates.
Meanwhile, Moneyfacts has revealed that the margin between mortgage rates and the cost of funding to lenders is at an all-time high.
Posted by Cheryl Stevenson
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