Mortgages in June up, reports Mortgage Brokers, London Mortgage Advice Tuesday, 20th July 2010

Mortgage lending picked up in June according to the Council of Mortgage Lenders (CML).

Lending to people remortgaging as well as house buyers, rose by 15% in June to £13.1bn.

7% higher than a year ago and also the biggest monthly figure so far this year.

CML said June's increase was just a seasonal pick-up and that lending remained subdued.

CML's economist CML Paul Samter, said,
"There are signs of house prices stabilising and more properties coming onto the market following the abolition of home information packs" "This may improve liquidity in the market, but transaction levels are subdued and likely to remain so while access to credit remains constrained," he added.

Others have said "The major UK lenders expected demand for secured lending to be flat over the rest of the year, partly reflecting weak confidence "Data from the major UK lenders indicated that their mortgage approvals for house purchase decreased slightly in June."With looming public sector cuts, taxation rises, a freeze on wage increases and inflationary pressures, we are likely to see lending tail off during the second half of 2010, with buyers likely to take a wait-and-see approach,".