13 Sep

Demand for mortgages 'remained weak in July'

Demand for mortgages 'remained weak in July'

The number of homebuyers looking to secure finance to purchase a house for sale in the UK in July 2010 was relatively low, a report has revealed.

According to recent figures from the Council of Mortgage Lenders (CML), demand for mortgages remained weak during the summer month.

This is despite the number of home loans rising to 56,000 from 52,000 in June.

CML economist Paul Samter said: "Lending criteria remain tight, underpinned by caution on the part of both borrowers and lenders in the light of continuing economic uncertainty."

Despite this, there was a rise of six per cent in the number of house purchase loans given in July compared with July 2009, indicating an improvement in the property and lending market.

It also revealed that the value of mortgages given in July 2010 rose by 15 per cent year-on-year.

Ray Boulger, from mortgage adviser John Charcol, said that the CML's figures suggest "activity is unlikely to change much over the next few months". ADNFCR-1222-ID-800063108-ADNFCR

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