House purchasing lending 'rose in July'

Posted: 12 Sep 2011 14:04:57 GMT

Lending by volume and value escalated in July, it has been found.

July witnessed a leap in overall house purchasing by both volume and value when compared to figures recorded across the previous month.

This is according to new findings from the Council of Mortgage Lenders (CML), which showed both sets of figures were at their highest since August 2010.

It was demonstrated that the value of such exchanges swelled from £6.9 billion to £7.3 billion, while the volume climbed from 47,800 to 48,800 over the period.

Paul Smee, director general at the CML - whose members account for around 94 per cent of residential mortgage lending in the UK - noted the mortgage market in the nation is currently standing fairly steadily.

Mr Smee observed, however: "August saw global financial turmoil and unrest closer to home and recent Bank of England approvals figures do not necessarily suggest a continuing upturn in lending in coming months."

Weak appetites among consumers for borrowing, rather than any further restrictions on the availability of mortgages, are likely to be the main reasons for this, the industry figure added.
 

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