12 Jul

Lending boost to benefit houses for sale in Penzance?

Lending boost to benefit houses for sale in Penzance?

An increase in the number of loans granted for house purchase in May could lead to increased interest in houses for sale in Penzance.

The boost in lending reflects further stability in the mortgage market, with 41,500 mortgages granted during the month, according to the Council of Mortgage Lenders (CML).

A total of £5.9 billion was advanced for house purchase, compared to the 40,800 loans worth £5.9 billion in April.

First-time buyer lending remained consistent, with 15,900 loans approved in May compared to 15,800 in the previous month, with the overall value (£1.9 billion) the same for both months.

Those getting onto the property ladder borrowed an average of 80 per cent of the property value, improving from the 75 per cent average experienced in 2009 and 2010.

Property for sale in Penzance could see an influx of viewers as stable conditions in the mortgage market are set to continue for the rest of 2011, it is claimed.

Michael Coogan, CML director general, explained: "Over the coming months seasonal factors are likely to push up lending for house purchase.

"Funding market conditions appear a little more positive. Overall this is a positive influence on mortgage market conditions."ADNFCR-1222-ID-800619421-ADNFCR

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