Mortgage lenders finance largest house buying increase for five years

29 October 2013 - Which Way To Pay

    



UK mortgage lending reaches a five-year high

Mortgage lenders said last week that they were financing the largest house buying increase for five years, in the latest sign of an accelerating housing market. Figures reached a high of £49.3bn between July and September, which are believed a result of new house purchase activity.

Mortgage and loan increase results in strongest house purchase performance in five years

The Council of Mortgage Lenders' (CML) said "Indicators suggest we are witnessing the strongest house purchase performance in five years," said the CML's chief economist, Bob Pannell. "House prices too have revived, but modestly, aside from a resurgent London market."

Increase in loans was due to house sales

It is said that the majority of the increase in lending was due to house sales rather than remortgage activity. This trend should continue in the New Year thanks to the Government’s Help to Buy scheme and property prices continue to rise. The Government’s Help to Buy scheme, which launched early in October of this year, will not be fully operational until the new year and is expected to further fuel lending and house price rises.

Homeowners took out over 61,000 home loans

The CML claim a number of factors to back up their statement that the housing market was at its highest for five years. Not only is mortgage lending on the increase, but homeowners took out over 61,000 home loans in August. This is 15% higher than the previous year.

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