Mortgage Lending for new purchase up 19%.

HAMISH_MCTAVISH

Mortgage lending to home buyers picked up again in June, the Council of Mortgage Lenders (CML) says.

Its figures showed that there were 52,000 new loans granted to home buyers, 19% more than in May and up 14% on the same month a year ago.

The CML said activity was "still on an upward trajectory" and described the rise in June as "significant".

http://www.bbc.co.uk/news/business-10937034

:beer:

HAMISH_MCTAVISH

Ooops, wrong month.

But gross mortgage lending up another 5% in July, from todays release.

Gross mortgage lending totalled an estimated £13.6 billion in July, a 5% increase from £12.9 billion in June

http://www.cml.org.uk/cml/media/press/2694

Graham_Devon

PMSL Hamish

HAMISH_MCTAVISH

Graham_Devon wrote: »

PMSL Hamish

Note to self, really must check dates on articles.......:D

Thrugelmir

Gross Mortgage Lending

2001 160,123
2002 220,737
2003 277,342
2004 291,258
2005 288,280
2006 345,355
2007 362,632
2008 254,023
2009 142,639


2010 (7 months to July) 77,175

2010 (Act Year to July) 141,643

A long way from the boom years that drove prices upwards.

chucky

Thrugelmir wrote: »

A long way from the boom years that drove prices upwards.

complete and utter cobblers - you don't need boom style lending amounts to increase prices.

look at 2009 and even 2010 to an extent

what was your point in comparing to 2007?

Really2

Thrugelmir wrote: »

A long way from the boom years that drove prices upwards.

Gross lending tells you squat about prices, if everyone remortgaged this month and not one house sold would that mean we are in a boom?

nearlynew

Excellent news.


Further proof that falling prices are enabling more people to buy.

chucky

nearlynew wrote: »

Excellent news.


Further proof that falling prices are enabling more people to buy.

you just don't get it numpty new, you just don't get it...

at least 1/3 of property being bought at the moment is being bought by cash buyers - they are not going to be FTBs.

if anything it's further proof that falling prices are enabling people with money or investors to be able to buy - that's very different from further proof that falling prices are enabling more people to buy.

nearlynew

chucky wrote: »

you just don't get it numpty new, you just don't get it...

at least 1/3 of property being bought at the moment is being bought by cash buyers - they are not going to be FTBs.

if anything it's further proof that falling prices are enabling people with money or investors to be able to buy - that's very different from further proof that falling prices are enabling more people to buy.

But the OP is about mortgage lending.

Generali

To continue to quote from the press release:

...but down 3% from £14 billion in July 2009, according to new data from the Council of Mortgage Lenders....

...CML economist Paul Samter commented:

“It is difficult to see anything other than a slow market for the rest of this year as underlying activity remains subdued. The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year. Late 2009 saw a pick up as some home buyers looked to move before the end of the first stamp duty holiday.
“But for most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates. This looks set to continue for some time yet. While there are a range of risks to the outlook, low rates will further help most stay on top of their finances.”

From the market commentary:

http://www.cml.org.uk/cml/publications/marketcommentary

The market is likely to remain stuck in slow lane

Against this backdrop, it is difficult to see anything other than a slow market for the rest of this year. Our July gross lending estimate, of £13.6 billion, represents a fairly typical seasonal rise in the month. But underlying activity remains subdued. The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year. Late 2009 saw a pick up as some home buyers looked to move before the end of the first stamp duty holiday.



But for most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates. This looks set to continue for some time yet. While there are a range of risks to the outlook, low rates will further help most stay on top of their finances.