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Mortgage lending hits two-year high

15th October 2012 | back to article listings BACK    print this article PRINT

Lending for UK mortgages has reached a two-year high as further evidence that schemes to boost the property investment market are taking effect.

In August, 8.4 billion of loans were advanced, with the 55,300 deals representing an 11% increase on a year ago, and the largest number of loans seen since July 2010, according to the Council of Mortgage Lenders (CML).

The market for first-time buyers has also picked up, with the 2.8 billion worth of loans an increase of almost a fifth on a year ago. March saw a recent peak in lending levels due to the ending of a stamp duty concession for first-time buyers, which triggered a stampede to get deals completed quickly. Current figures are only just below those.

July saw the lowest average deposit rate for the typical first-time buyer in more than three years at 19%, and this has stood ever since, the CML said.

But it was too soon to confirm that the boost is the start of an upwards trend, according to the lending body, as it cannot be sure that the positive figures are not simply the market re-adjusting itself from summer distractions such as the Olympics.

Copyright Press Association 2012

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