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Funding scheme 'boosting UK mortgages'

21st November 2012 | back to article listings BACK    print this article PRINT

A Government bid to boost the UK property market appears to be paying off, mortgage lenders have said.

Last month's gross mortgage lending total was 12.9 billion, 4% higher than in October 2011 and the highest it's been for almost a year.

In August the Treasury and Bank of England launched its 80 billion funding for lending scheme to kick-start the market by making it easier for homebuyers and businesses to access credit.

And the Council of Mortgage Lenders (CML) says the new figures suggest the initiative is beginning to have "an early positive impact". Although many of the better deals have been aimed at buyers with bigger deposits, the number of UK mortgages being offered is up, it says.

Bob Pannell, the CML's chief economist, said house buying and re-mortgaging activity had both picked up, adding: "This should be supported by an improvement in the availability and pricing of mortgages."

Mr Pannell added that the Government scheme was helping to combat the negative pressures that came with the UK's prolonged and "weak" economic recovery.

Copyright Press Association 2012

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