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Mortgage lending increases
22 May 2008
Mortgage lending rose by five per cent in April on the previous month, according to figures by the Council of Mortgage Lenders (CML).
Overall lending came to an estimated £25.3 billion with the improved figures reportedly due to the fact that activity was low in March because of Easter.
CML director general Michael Coogan said: "Our forecasts assume some indirect benefits from the Bank of England special liquidity scheme beginning to have an effect in the mortgage market in the later part of the year."
While the news is positive for borrowers who are looking to get a mortgage, the continuing effects of the global credit crunch mean the future of the mortgage market is still unpredictable.
"The market is still very uncertain, but lenders are working hard to ensure that borrowers coming off fixed rates remain on track," said Mr Coogan.
According to the Royal Institution of Chartered Surveyors (Rics) house sales could fall by as much as 40 per cent this year.
