Lending figures are a "very positive sign" of recovery

22-Oct-2009

New lending figures may suggest the housing market is on the way to recovery, in news that may be of interest to first-time buyers.

Stuart Law, chief executive of property investment advisory group Assetz, commented on the recent figures from the Council of Mortgage Lenders.

According to the group, there was a two per cent increase in gross home loans lending, including first-time buyer mortgages. However, this figure is down 27 per cent year-on-year.

"It is a very positive sign," Mr Law said. "Mortgage lending has materially recovered, the current mortgage lending numbers are not as good as they were in 2007 but that [is because of the] reduced availability of low deposit mortgages."

Mr Law expressed his optimism about the future of the sector, stating he expects recovery to take around 18 months if it continues to grow at the current rate.

He also noted the fact that the house prime market it continuing to prosper, but those relying on 90 to 100 per cent mortgages are not buying at the moment.

Meanwhile, statistics released by the Bank of England showed that total net lending to individuals increased by 0.7 billion in August.

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