Tuesday, August 21, 2012

UK mortgage lending up 8%

Gross mortgage lending in the UK rose eight percent to £12.7 billion (S$24.99 billion) in July as compared to £11.7 billion (S$23 billion) in June, an indication that the property market is continuing its volatile trajectory, according to data from the Council of Mortgage Lenders (CML).

While the figure is two percent more than the £12.5 billion (S$24.59 billion) lent in July 2011, it is only one-third the level seen in 2007. Moreover, the figure for June revealed a decline in lending, attributed to a 20 percent decline in remortgaging.



The ups and downs seen so far this year are due to a number of factors including the end of the stamp duty holiday in March and events such as the Jubilee celebrations and Olympics, which may have distracted potential buyers.

“Interpretation of recent trends continues to be challenged by one-off effects. We look forward to the September figures when the distorting effects of the diamond jubilee and the Olympics should largely have worked their way through,” said Caroline Purdey, Market and Data Analyst at CML.

View the original article here

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