UK house purchase activity "on a firmer footing"
The British property market could be experiencing a recovery, as an increase in lending has been observed.
According to the latest figures from the Council of Mortgage Lenders (CML), the number of loans for house purchase purposes was 29% per cent higher in August than in the same month a year ago.
While there was a 5% decline compared to July, the value of such mortgages was also 22% above the August 2008 level.
Indeed, at £7.2 billion, house purchase activity represented its largest proportion of the market since 2002.
CML economist Paul Samter noted that a revival appears to have been seen since the start of the year, stating: "It will be a drawn out recovery process with seasonal ups and downs, but house purchase activity is now on a firmer footing."
Last week, Nationwide found that consumers typically expect UK house prices to rise by 1.2% in the next six months.
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