House purchase lending 'continues to rise'

Posted by Emily Jones

Consumers are enjoying greater opportunities in terms of securing access to finance for buying a house, it has been suggested.

According to new figures from the Council of Mortgage Lenders (CML), property purchase lending was up for the 11th consecutive month during May.

In fact, there were 42,000 loans for such investments over this period, representing a two per cent rise in volume when compared with April.

Overall, this borrowing activity was worth £6 billion.

Michael Coogan, director-general at CML, stated: "House purchase lending continues its recovery but positive comparisons with equivalent months a year ago look unlikely to continue."

He added that the demand was partly due to the stamp duty holiday but that the government's drive for efficiency savings may halt future increases.

Recently, Mary Graham, regional manager for the Consumer Financial Education Body, suggested that mortgage holders should keep tabs on their key facts document after moving home as a means of ensuring they are fully aware of details such as their repayment plan. ADNFCR-2353-ID-19884911-ADNFCR

12/07/2010 14:37

News category: Property

Return to News