June mortgage lending saw great increase

Mortgage lending increased by 16 per cent last month, which may lead to for sale boards being taken down all over the country.

Data from the Council of Mortgage Lenders (CML) shows that £13 billion was lent for house purchase throughout the month, making it the highest level since July last year.

CML chief economist Bob Pannell warned, however, that the statistics may not all be positive.

"The UK economy continues to experience disappointing economic growth, strong consumer price pressures, falling disposable incomes and an uncertain jobs market," he commented.

Mr Pannell suggested that this situation reflects badly on decisions to undertake home ownership, therefore encouraging people to rent property rather than making a purchase.

Nick Marr, director at the Little House Company, recently said that people need to start realising that their property may not be worth as much as they thought when they put it on the market.

  • Property News from Lawpack: For Sale Boards for just £40

Published on: July 21, 2011

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