14 Oct

Loans for homeowner purchasing still on the rise

Loans for homeowner purchasing still on the rise

Data release by the Council of Mortgage Lenders (CML) has shown that total homeowner house purchase lending is up by seven per cent from July and 15 per cent from August last year.

This August also saw first-time buyers take out 27,100 loans in an attempt to get on the property ladder. This is a 33 per cent increase from August 2012.

Total UK mortgage lending was down two per cent from July, dropping from £16.7 billion to £16.4. However the amount is 28 per cent higher than August last year when it was down to £13 billion.

Paul Smee, director general of the CML, said: “The healthy growth in all lending areas compared to the same time last year is indicative of more confidence in the market.”

He went onto say that the high number of borrowers who are opting for fixed rates reflects the attractive prices currently available within the market.

The steady increase of loan applications is likely to have a positive impact on the housing market as more people look to buy.

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