Mortgage lending increased in June
Mortgage lending increased in June, albeit from a low level, the Council of Mortgage Lenders has said.
The total number of new home loans to house buyers rose by 22% from May, to 46,700, worth £6.7bn. The number of first-time buyers reached a 10-month high, up 24% from May to 18,100 and this was worth a total of £2.2bn.
The popularity of fixed rate mortgages continued to increase in Q2, with 63% of borrowers opting to fix, compared to 60% in Q1 and just 46% in Q2 2010.
Paul Smee, director-general of the CML, says: "There are clearly financial uncertainties ahead, but it's encouraging to see more house buyers surfacing at the start of the summer. Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while."
August 12, 2011
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