Mortgage lending picks up in June
The volume of lending in the UK property market has picked up again
after some months of downturn thanks to the end of the stamp duty
holiday in March.
According to the latest figures released by the Council of Mortgage
Lenders (CML), there has been a rise of 36 per cent in the number
of mortgages loaned to buyers in June when compared to May.
The month also saw lending levels 29 per cent higher than during
the same period last year.
One of the biggest improvements was seen in mortgages for
first-time buyers, with the number rising from 12,700 in May to
18,100 in June as people came back to the market.
CML director general Paul Smee said: "It is positive news for the
market that the slump following the end of the stamp duty
concession seems to have been short-lived."
Homes are now becoming more affordable thanks to an increase in
such schemes as NewBuy, which allow first timers to purchase a home
with a five per cent deposit.