Fears of a housing boom misplaced
GROSS mortgage lending held steady in August, according to the Council of Mortgage Lenders.
CML chief economist Bob Pannell says: “We are beginning to experience a healthy and broad-based recovery in mortgage lending activity. We attribute much of this turnaround to the improvement in funding markets generally, and also to the Funding for Lending Scheme. The Bank of England’s approvals data suggests that the positive tone for house purchase and remortgage lending will continue.
“One tell-tale sign of a recovering housing market is the re-emergence of concerns about a housing boom. But the housing market recovery to date appears fairly unexceptional in nature.”