Housing market 'is growing'

Posted: 22 Jul 2010 11:03:16 GMT

The housing market is picking up, one expert has suggested.

Chief executive officer of Assetz Stuart Law said the slowdown over the last couple of months is unlikely to be permanent.

"We are seeing quite a lot of evidence of the market firming up. It doesn't look like house prices are falling back," he added.

Mr Law cited figures from the Council of Mortgage Lenders (CML), which revealed gross mortgage lending for June rose by 15 per cent and he noted this indicates that individuals still want to purchase property.

He also explained there was an election "wobble" that is not expected to cause a lasting slowdown in the market.

The specialist's comments follow the release of findings from the CML, which discovered mortgage lending last month was worth an estimated £13.1 billion, up from £11.4 billion in May.

And gross lending had increased by around 17 per cent from the first quarter of this year and now stands at £35 billion.


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