Mortgage firms reveal record British lending

Britain's booming housing market is showing no signs of slowing, according to data published by lenders today.

Britain's booming housing market is showing no signs of slowing, according to data published by lenders today.

The Council for Mortgage Lenders (CML) said gross lending surged to a record £21.8 billion sterling in July, up 41 per cent on the year and compared with £17.1 billion in June.

Quote
The buoyant conditions in housing and lending markets are likely to persist for the rest of 2002, as households continue to enjoy low interest rates and high levels of employment.
Unquote
CML head of research and analysis Mr Bob Panell

Loans numbered 147,000, the highest since monthly records began in 1998.

"The buoyant conditions in housing and lending markets are likely to persist for the rest of 2002, as households continue to enjoy low interest rates and high levels of employment," CML head of research and analysis Mr Bob Panell said.

READ MORE

House prices are a key determinant of consumer demand in a country where over two-thirds of families own their own homes, and most wealth is tied up in bricks and mortar rather than equities.

The Building Societies Association said the value of approvals for home loans increased to £3.7 billion in July, from £3.2 billion in June.

The British Bankers' Association said mortgage lending rose by £4.7 billion after an underlying rise of £4.1 billion pounds in June and the recent average of £4.3 billion.

AFP