1 Sep

More homebuyers given loans in July

More homebuyers given loans in July

More money was lent out to homebuyers looking to purchase a house for sale in July than previous months, according to a recent report.

Yesterday (August 31st 2010), the Building Societies Association (BSA) revealed that lending from financial services firms was £2 billion in July.

This demonstrates an 11 per cent growth in the amount of money lent to potential homeowners during the previous month.

Director-general of the BSA Adrian Coles said: "Lending by mutual mortgage providers has picked up over the summer months and the approvals figures suggest this level of lending may continue in the near future."

Mr Coles also stated that while this is a good sign, there are "significant challenges" for the economic climate, which could make it more difficult for homebuyers to be granted mortgages over the coming months.

Despite this, Savills' director of research Jacqui Daly has encouraged people to continue their property search in order to stop the market from slowing down.ADNFCR-1222-ID-800047990-ADNFCR

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