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UK Mortgage Lending Up 5% in July

The UK property market is still alive and kicking despite the doom and gloom reported in the press, as the Council of Mortgage Lenders (CML) report that the number of mortgages approved by banks increased by 5% in July, marking another upturn in the improving UK mortgage market.

Property investors are welcoming the news as they attempt to cash in on the current strong demand for rental property.

49,500 mortgage loans worth £7.6 Billion (GBP) were advanced for property purchases in July.

The latest figures from the Council for Mortgage Lenders (CML) also showed remortgage loan approvals increased by 3% to 24,100.

However, it isn’t all good news for property investors as First Time Buyer (FTB) activity also remained strong with 19,000 loans worth £2.5 Billion (GBP) were advanced to first-time buyers.

The FTB approval figures are down 1% on the year ,following the flurry of activity in March as buyers tried to beat the end of the stamp duty concession, but still stronger than at the same time in 2011.

Paul Smee, CML Director General, said “Initiatives such as the Government’s Funding for Lending and NewBuy schemes have the potential to help lending. July’s figures show a gradual improvement in the market with lending approaching the sort of levels we saw at the end of the stamp duty concession.”

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