21 Jul

Mortgage lending improves in June

Mortgage lending improves in June

The number of mortgages approved for people buying property for sale in Staffordshire and other parts of the country rose in June, the Council of Mortgage Lenders has said, signifying an improvement in conditions for buyers.

Gross mortgage lending rose by £12.6 billion last month, representing a 16 per cent increase on the previous quarter, although it was three per cent lower than June 2010.

It brings total lending for the first half of the year to £63.7 billion, only slightly below the same period last year, and perhaps indicating a less constrained lending environment for people looking for property for sale in Staffordshire.

Paul Hunt, managing director of Phoebus Software, said the statistics are good news for buyers.

"Lenders are pricing their products increasingly competitively, giving borrowers the chance to maximize the benefits of the almost certain continuation of low rates for the rest of this year," he told Property Community.ADNFCR-1222-ID-800630027-ADNFCR

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