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Mortgage borrowing up but housing market recovery ’some way off’

Posted on 13 July 2012

Lending for homebuyers increased by £7.2bn in May, and the number of loans for first-time buyers rose by 43%. Mortgage borrowing by homebuyers bounced back in May, cutting short a slump in house purchases following the end of the first-time buyer stamp duty holiday, but housing market experts say that a recovery is still a long way off.
The Council of Mortgage Lenders (CML) said the amount of house purchase lending increased by 36% or £7.2bn compared to April – the month following the end of the stamp duty holiday – and 29% compared to May 2011……………………………………….Full Article: Source


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