CML comments on mortgages

Posted: 03 Jul 2009 10:36:06 GMT

The UK has possibly moved on from the worst situation "in terms of mortgage business", according to the Council of Mortgage Lenders (CML) communications manager.

Bernard Clarke said that more mortgages need to be approved before the body can admit there has been a turning point in the overall market.

There has been a recovery, he claimed, but there is currently "little sign" of any strength in that upturn.

Recent figures have shown that more mortgages are being approved each month.

At the end of June, the Bank of England reported a fourth consecutive increase in the number of home loans granted.

There were 43,414 mortgages approved during that month, which followed on from the 43,191 in April, 40,145 in March and 38,280 in February.

However, Mr Clarke warned that housing transaction activity is still limited and there remains a "chronic shortage of mortgage finance".


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