13 Sep

British mortgage lending rises year on year

British mortgage lending rises year on year

The number of mortgages provided to allow buyers to head to estate agents has increased in the last year, a new report from the Council of Mortgage Lenders (CML) has now claimed.

It said that overall lending jumped by nine per cent in July when compared to a year ago, while the 32,000 loans handed out to home movers was 12 per cent higher than in June.

First-time buyers were the group that saw the best annual increase, according to the new release. It said that there were 25,300 new buyers in July. 

This was 41 per cent higher than in the same month in 2012, which shows just how lenders and consumers alike have embraced the introduction of incentives of Funding for Lending and Help to Buy, both of which have come into play in the past 12 months.

However, the market still has a long way to go to make sure that there are as many new buyers as there were a few years back. The total in July was still 10,000 below the average seen in the peak months of 2007.ADNFCR-1222-ID-801637470-ADNFCR

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