Gross mortgage lending in June was the highest level this year according to the Council of Mortgage Lenders (CML) who today revealed a 15% increase in mortgage lending in June.
Gross mortgage lending totaled £13.1 billion, up from £11.4 billion in May and a 7.0 per cent increase from £12.2 billion in June last year. Gross lending in the second quarter of 2010 was an estimated £35 billion, up 17 per cent from Q1 (£30 billion) and seven per cent higher than in Q2 2009 (£32.7 billion). Lending in the first half of 2010 remained unchanged from the first half of 2009 (£65 billion).
Nigel Lewis, property analyst from FindaProperty.com said: "New properties have flooded the market in recent months. This has put pressure on house prices and we’ve seen slowing price growth as a result.”
"However, the number of loans is still relatively low compared to peak and unless we see a decline in stock levels, prices are unlikely to rise much further this year.”
"It’s unlikely that the base interest rate will be increased before the end of the year so potential house buyers with a bit of equity behind them will still be able to benefit from attractive mortgage deals.”
"But lack of confidence and the threat of further economic woe means demand won’t increase dramatically in the medium term."
Source: FindaProperty.com 20.07.10
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