Mon 22 Sep 2014

Significant house lending upturn in July

A significant increase in house lending has been seen in recent months across the UK.

New figures published by the Council of Mortgage Lenders (CML) have highlighted a considerable annual upturn in the value of UK housing lending during July.

According to the organisation's latest data, the overall value of house purchase lending in the UK grew year-on-year by 32.6 per cent in July to £11.8 billion, with more than 67,000 transactions completed during the month.

Meanwhile, first-time buyer activity continues to grow, with July witnessing a ten per cent upturn in buyer activity from June and 39 per cent higher than during the same month last year.

Paul Smee, director general of the CML, commented: "There have been many factors over the past year that could have caused disruption, but the market has remained resilient and lenders have shown themselves adaptable to all this change."

He concluded that the market has shown steady growth and is likely to continue to do so over the coming months.

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