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03/06/2009
Mortgage lending 'set to rise' |
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The level of mortgage approvals in the UK will rise in the months ahead, the Council of Mortgage Lenders (CML) has predicted.
Commenting on news from the Bank of England that there were 43,000 loans for house purchases approved in May - up from 40,000 in April - head of member and external relations at the CML Sue Anderson said: "We think next month it is very likely that approvals will show their first year-on-year rise on a monthly basis since early 2007."
However, she did caution that the level of approvals is still historically low and that any further recovery will be limited in scope by the continued effects of recession, such as rising unemployment.
Those keen to buy a property at this time may wish to see a solicitor to deal with the legal aspects involved.
British Bankers' Association figures unveiled last week showed that the number of loans for home purchases in April was 3.8 per cent higher than in March.
However, this was 15.5 per cent less than in April 2008.
Written by Anthony Dyson
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