Mortgage lending increased in June, according to CML
www.moneynews.co.uk > Mortgages > Mortgage lending increased in June, according to CML
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Money News |
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Mortgage lending increased in June, according to CML
Wed 20th Jul 2011
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The total amount lent was estimated at £12.6 billion. This represents a 16 per cent increase on the amount lent in May but was still three per cent lower than June 2010's figure of £13 billion.
New products such as 'buy for uni' student mortgages like those offered by Britannia, now owned by the Co-operative Group, have brought the total lending amount this year to £63.7 billion, a three per cent decrease from the second quarter of 2010.
The news comes after some estate agents warned that the market is still too difficult for first-time buyers to make it on to the ladder.
"Despite several new deals on the market, securing a big enough mortgage remains a tall order for the average buyer," said David Newnes, estate agency managing director of LSL Property Services, which owns the Your Move and Reeds Rains estate agencies.
CML chief economist Bob Pannell believes this to be the result of the current economic situation. He said: "The UK economy continues to experience disappointing economic growth."
This "weighs negatively on purchase decisions relating to home ownership," he added.
Click here for more mortgages news
Related News : Mortgages |
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Related News : Cooperative |
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