Mortgage loans on rise

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THE number of house purchase loans nationally rose by five per cent in July in a sign of gradual improvement in the mortgage market, lenders said.

There were 49,500 loans advanced for house purchase in the month worth £7.6bn, while remortgage loans rose by three per cent to 24,100, the latest figures from the Council for Mortgage Lending (CML) showed.

First-time buyer activity also remained resilient following the volatility in March and April after a two-year stamp duty concession came to an end.

A total of 19,000 loans were advanced to first-time buyers, a one per cent drop but stronger than the same time last year. These loans were valued at £2.5 billion.

CML director general Paul Smee said initiatives such as the Government’s Funding for Lending and NewBuy schemes have the potential to help lending.