Positive news continues to emerge regarding the UK housing market, this time from the Council of Mortgage Lenders (CML).
In their latest mortgage lending figures they report that gross lending for July stood at £16bn, a 26% increase on the June figures and the highest level in 9 months. Add to this the fact that lending in June was 23% higher than May and the pattern starts to become obvious – things are picking up.
The reality that mortgage lending is now showing clear signs of improving can only be viewed as a major plus for the property market. Of course lending is still considerably lower than it was even a year ago but with a continuing upward trend the signs indicate a stabilising market. With reports of rising house prices over the last few months, increasing transactional activity, and now as a result, increasing mortgage lending, the general feeling is that the worst is now well and truly behind us.
So what will the rest of the year hold for the market? Well, we’ll just have to wait and see but if the current trend continues, those people who invested in property earlier in the year will have read the market perfectly.
