Mortgage lending has seen a second-quarter growth of 39 per cent this year, the Council of Mortgage Lenders revealed in its latest official mortgage lending figures.
More people are taking out mortgages or remortgages, suggesting a renewed confidence in the housing market.
In the second quarter, mortgage lenders lent £31.1 billion, compared to the first three months when mortgages and remortgages totalled £22.4 billion.
The Council of Mortgage Lenders said this increase of 20 per cent shows that people are returning to the property market with more confidence.
The director of the Council for Mortgage Lenders, Michael Coogan commented: "Lending for house purchase is on the increase which indicates improved buyer confidence matched by sellers' realistic price expectations."
A likely rate cut by the Bank of England's Monetary Policy Committee (MPC) in August is expected to further boost mortgage borrowers' confidence in the property market .
The minutes of July's meeting of the MPC indicated a tight split in voting about interest rates . Of the nine members, five voted to freeze rates and four voted for a reduction, causing many analysts to believe we'll see a rate cut next month.
Council of Mortgage Lenders reports huge mortgage growth
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Council of Mortgage Lenders reports huge mortgage growth
Thu, 21 Jul 2005
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