Movers credited with helping the rise on mortgage lending in July
12th Sep 2012
The number of people opting to move house in the summer has been credited with a rise in mortgage lending for July.
It has been reported recently that people looking to move from their first house to a second are finding it hard to do so because of little demand for their current properties for sale from first-time buyers.
However, it seems that those further up the ladder are not suffering in the same way. According to a newly released report from the Council of Mortgage Lenders (CML) there was a rise in home mover finance of eight per cent compared to June.
In addition to this, the CML report also indicated good year-on-year results, with a four per cent jump compared to last year.
In total, there were 30,000 loans for home buying amounting to £5.1 billion throughout July which led to a rise in house purchase lending overall.
CML director general Paul Smee said: "July's figures show a gradual improvement in the market with lending approaching the sort of levels we saw at the end of the stamp duty concession."
He said that he was hopeful that new governmental schemes would also help to increase the amount of money that people are borrowing in general.
Posted by Staff Writer: Ewan Robertson
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