21 Jul

Increase in mortgage lending 'good news for property industry'

Increase in mortgage lending 'good news for property industry'

Estate agents in the UK will be happy to hear that there has been an increase in gross mortgage lending last month, as this shows positive signs for the property industry.

According to the Council of Mortgage Lenders (CML), home loan lending increased by 15 per cent from May - a rise to £13.1 billion from £11.4 billion.

This also represents an increase of seven per cent since June 2009, when £12.2 billion was lent.

CML economist Paul Samter said that this rise shows more than just "seasonal pick-up".

"There are signs of house prices stabilising and more properties coming onto the market following the abolition of home information packs

Mr Samter added that "this may improve liquidity in the market", which will come as good news to estate agents trying to sell properties to prospective buyers.

This comes after the CML announced that house purchase lending rose in May by two per cent in volume and three per cent in value compared with April's figures.ADNFCR-1222-ID-19901154-ADNFCR

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