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Mortgage lending in value and volume up in July

By Jonathan Dawes, Mon 12 Sep 2011 - Published in Mortgages

Overall landing for property purchases increased in both volume and value during July when compared with June, according to the Council of Mortgage Lenders (CML).

The CML's figures revealed that during this month, value increased from £6.9 billion to £7.3 billion and volume went up from 47,800 to 48,800.

According to its report, both these statistics were at their highest level since August 2010, but lower than July last year.

Paul Smee, director general of CML, added: "The UK mortgage market is currently holding steady. But August saw global financial turmoil and unrest closer to home and recent Bank of England approvals figures do not necessarily suggest a continuing upturn in lending in coming months."

Research by Defaqto recently revealed that while it remains difficult for Brits to secure a mortgage, it has found that people can get a significantly better deal now for a home loan than when the base rate was reduced to 0.5 per cent in March 2009.