4 Aug

Mortgage lending trend to continue "slowly upwards"

Mortgage lending trend to continue "slowly upwards"

Mortgage lending looks set to continue increasing "slowly upwards", according to one property expert.

Andy Pratt, chief operating officer at UK mortgage broker Alexander Hall, said that the increase in mortgage proposals over the past five consecutive months shows a slight return to a time when consumers frequently had the confidence to look for properties and make purchases.

Bank of England figures recently revealed that 47,584 mortgages were approved in June 2009, compared to 44,169 in May and 43,728 in April.

"We could well see over the next couple of months that [mortgage proposals] might drop down, but I would expect that the trend would continue to be slowly upward," said Mr Pratt.

In related news, the British Bankers' Association (BBA) reported last month that 35,235 mortgages were approved in June, constituting an increase of 9.4 per cent compared to the previous month.

The Council of Mortgage Lenders meanwhile reported in July that gross mortgage lending reached approximately £12.3 billion in June, which is a 17 per cent increase from £10.5 billion in May.

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