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Mortgage lending rising, according to CML

The Council of Mortgage Lenders (CML) has recently announced that gross mortgage lending rose 7% in May, when compared with April. The figures released by the CML show that an estimated £11.3billion worth of home loans were approved during May, which is an increased from the £10.5billion figure in April and the £10.2billion lent the same time last year.

Paul Samter, CML economist, believes that the emergency budget will affect the personal finance of home owners, and ultimately whether they want to buy a house. He commented: “The market will inevitably be affected by how policy impacts on the wider economy – particularly on household finances and confidence.”

Although the figures indicate that the market is more active than a year ago, mortgage lending is still subdued when compared with the final quarter of 2009.

Source: Houseladder

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